BENGALURU (Oct 31): General Electric Co, banking on a recovery in oil prices, said on Monday it would merge its oil and gas business with No. Baker Hughes had planned to combine with bigger rival Halliburton Co, but the transaction fell through in May due to opposition from regulators. The combination of GE Oil & Gas and Baker Hughes will create the second-largest player in the oilfield services industry in terms of revenue, after Schlumberger. This can only be achieved through technical innovation and service execution, the hallmarks of GE and Baker Hughes." Lorenzo Simonelli, chief executive and president of GE Oil & Gas, will be CEO of the new company.

Source: The Edge Markets October 31, 2016 11:45 UTC