"This is a good deal for all of the investors," said Lorenzo Simonelli, head of GE's oil and gas business who will lead the new entity, to be called "Baker Hughes, a GE company. "GE is already the world's largest oilfield equipment maker, supplying blowout preventers, pumps and compressors used in exploration and production. We both followed our fiduciary responsibility," Craighead said in an interview.GE will own 62.5 percent of the new publicly-traded company. Shares of GE slipped 0.1 percent to $29.18.Centerview Partners and Morgan Stanley are advising GE, while Shearman & Sterling is its legal adviser. Goldman Sachs & Co is Baker Hughes's financial adviser, with Davis Polk acting as legal adviser.

Source: The Star October 31, 2016 23:32 UTC