Oil companies Baker Hughes and General Electric announced yesterday
the completion of the merging of the former with the oil and gas sector
in the second, while the activities of the two companies will be merged
in Russia after taking the approval of the authorities concerned
The European Committee, according to "German", has agreed earlier on
the proposed deal between Baker Hughes and the oil and gas sector of the
group, "General Electric", in accordance with the rules of full
integration in the European Union.
Baker Hughes' A shares and GEs oil and gas sector will be traded on
the New York Stock Exchange under one symbol, BHG, as of July 5.
At the same time, the Baker Hughes stock market continued trading on
the New York Stocks until the end of trading yesterday, as the stock traded under the symbol "BHI". Baker Hughes will receive one share
of the A-Class public shares at Baker Hughes, while GE's oil and gas
shareholders will receive a non-recurring $ 17.5 per share, To be paid on July 6, 2017.
Last October, General Electric announced that it had entered into an
agreement to merge its oil and gas sector with Baker Hughes.
two companies said the agreement would be implemented through a
partnership structure, with GE Oil and Gas and Baker Hughes providing
their assets to the new entity. GE would own 62.5 per cent of the new
partnership, Baker Hughes 37.5 percent of them through a new company listed on the New York Stocks.