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GE/Baker Hughes megamerger cleared by European Commission

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GE/Baker Hughes megamerger cleared by European Commission

The European Commission cleared the proposed merger between General Electric Co. and Baker Hughes Inc. without conditions, concluding that the deal would not adversely affect competition in relevant markets.

The commission investigated markets where products from both companies compete, according to a May 31 news release. GE has a limited position or is inactive in the European Economic Area for onshore and offshore electrical submersible pumps, the commission concluded, and both companies' activities in the refining and petrochemicals industry are complementary.

The clearance was a necessary condition for the deal closing, as both companies conduct oilfield services in the European Economic Area and provide competing products to certain markets.

GE and Baker Hughes in October 2016 agreed to create a combined entity expected to generate more than $32 billion in annual revenue. The merger is expected to close in mid-2017.