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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
BY

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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