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Report: Baker Hughes engaged in deal talks with Subsea 7

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Report: Baker Hughes engaged in deal talks with Subsea 7

Oilfields services and technology supplier Baker Hughes Inc recently held takeover talks with services specialist Subsea 7 SA, the Wall Street Journal reported citing people familiar with the matter.

The negotiations between the two companies collapsed over disagreements on price, although it is still possible to revive negotiations, one of the people said. Subsea 7 said that it has a policy not to comment on speculation or rumors.

Shares in Subsea 7 gained 6.6% when news of the takeover talks broke, Reuters reported.

Baker Hughes is 62.5% owned by General Electric Co. On Oct. 2, the board of directors named President and CEO Lorenzo Simonelli as chairman of the board, replacing Jeff Immelt, who retired as director and chairman of the board of GE on the same date.

The combination of Baker Hughes Inc. and GE's Oil and Gas business was completed on July 3.