EnergyWatch

GE gives rise to new oil behemoth

Just three weeks after the purchase of LM Wind Power, GE continues on its wave of consolidation. This time, the US conglomerate is seeking a partnership with annual revenue of more than USD 32 billion.

Photo: /ritzau/AP/Thibault Camus

The energy industry is in the midst of global consolidation and GE is in many ways a poster child for the trend. Just three weeks after making an offer to buy Denmark's LM Wind Power, the US-based conglomerate is at it again. This time with a transaction almost 20 times as comprehensive as the EUR 1.5 billion bid on the Danish wind company. The latest deal cuts across the spectrum of the energy industry.

According to a press release, GE plans to combine its oil and gas business with the oil service company Baker Hughes.

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