The European Commission has cleared unconditionally under the Merger Regulation the acquisition of US company Baker Hughes Incorporated by US giant General Electric.
The Commission said on June 1 that the EC concluded that the transaction would not adversely affect competition in the relevant markets.
In particular, the Commission investigated onshore electrical submersible pumps used to pump fluids from the wells to the surface, offshore electrical submersible pumps, and chemicals used in the refining and petrochemicals industry. These are markets where the products of both companies compete.
The Commission noted that the investigation also looked at a number of markets on sensors used in drilling and wireline applications, where GE supplies Baker Hughes and its competitors.
The Commission said the EC found no competition concerns in relation to other markets where both are active – such as inline inspection services and permanent downhole gauges – or in relation to other vertical relationships. The Commission thus concluded that the proposed transaction would not raise any competition concerns.
https://www.neweurope.eu/article/eu-clears-acquisition-baker-hughes-ge/
