GE merges oilfield unit with Baker Hughes
General Electric announced Monday the merger of its oilfield unit with Baker Hughes, betting the combined company will be better positioned for an oil industry rebound after the crude price crash. GE will inject its huge oil and gas operations into Baker Hughes and take a 62.5 percent ownership of the combined company, which will retain the Baker Hughes brand name. Baker shareholders will hold the rest of the company, and also will receive a special dividend of $17.50 a share, a payout by GE to consummate the deal totaling $7.4 billion.