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GE gets antitrust approval to buy oil pump maker Lufkin

General Electric Co has won U.S. antitrust approval to buy oilfield pump maker Lufkin Industries Inc , a $2.98 billion deal that will allow GE to sharply increase its presence in the fast-growing market to extract oil and natural gas from shale.The Federal Trade Commission, which works with the Justice Department to enforce antitrust law, announced the approval on Friday.GE said it hoped to close the acquisition, announced April 8, by June.The deal is GE's first major acquisition since the conglomerate sold its remaining stake in NBC Universal two months ago.GE Chief Executive Jeffrey Immelt has spoken recently of plans to focus more on growth in the energy-rich shale fields of North Dakota, Texas and elsewhere in the United States.Lufkin's pumps, also known as artificial lift products, are commonly seen seesawing back and forth on top of energy wells to pull oil and natural gas to the surface.(Reporting by Diane Bartz; editing by John Wallace)...

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  1. General Electric's Net Up 16% on NBCUniversal Gain

    General Electric Co.'s (GE) first-quarter earnings rose 16%, catapulting results above Street views, as the conglomerate reported a gain from the sale of its remaini...

  2. General Electric's 1st-Quarter Net Up 16% on NBCUniversal Gain, Revenue Flat

    General Electric Co.'s (GE) first-quarter earnings rose 16%, catapulting results above Street views, as the conglomerate reported a gain from the sale of its remaini...

  3. Al's Emporium: Imagination at Work

    Mary Schapiro did not bring good things to life as head of the Securities and Exchange Commission. Now she's off to General Electric.Last week, GE said it nominated ...

  4. GE Chief's Compensation Jumped 19% in 2012

    General Electric Co. (GE) beat the Standard & Poor's 500 Index last year and rewarded Chief Executive Jeffrey Immelt for it.Mr. Immelt's total compensation jumped 19...

  5. Obama shuts down jobs council ahead of jobs report

    What does move mean?

  6. Grapevine: Top Obama capitalist praising communism?

    A look at Jeffrey Immelt's recent comments

  7. GE CEO Immelt embraces software; VC Andreessen embraces hardware

    General Electric , famous for branded hardware from lightbulbs to turbines, is pushing hard into software, chief executive Jeffrey Immelt said at the Minds and Machi...

  8. White House lists two dozen leaders to meet with Obama on deficit

    Two dozen business, labor and civic leaders, including the chief executives of major U.S. corporations such as Ford, IBM and Wal-Mart, will meet President Barack Oba...

  9. CEOs Invited to White House to Discuss Fiscal Cliff

    FBN’s Charlie Gasparino on the CEOs who were invited to the White House to talk about the business community’s concerns about the fiscal cliff.

  10. Immelt, Cote Among CEOs to Meet with the President

    As many as 11 chief executives of the country's largest companies are scheduled to meet with President Obama on Wednesday to discuss a budget compromise that would h...

  11. Top U.S. CEOs Urge Increase In Tax Revenue: WSJ

    Chief executives, presidents and chairs of more than 80 top U.S. corporations are calling on Congress to use a mix of spending cuts and tax-revenue increases to curb...

  12. Wall Street Donors Stick with Romney, For Now

    Campaign officials representing Republican presidential candidate Mitt Romney are scrambling to shore up their support on Wall Street, which is growing increasingly ...

  1. GE settles crisis-era shareholder lawsuit for $40 million

    General Electric Co agreed to pay $40 million to settle a shareholder lawsuit accusing the conglomerate of misleading investors about its health and exposure to risk...

  2. GE to Settle Shareholder Suit for $40 Million

    General Electric Co. (GE) will pay $40 million to settle a shareholder lawsuit that accuses the company of misleading investors about its health during the 2008 fina...

  3. GE to Settle Shareholder Lawsuit Over Disclosures for $40 Million -Reuters

    General Electric Co. (GE) will pay $40 million to settle a shareholder lawsuit that accuses the company of misleading investors about its health during the 2008 fina...

  4. GE Settles Shareholder Lawsuit for $40M

    General Electric Co (NYSE:GE) agreed to pay $40 million to settle a shareholder lawsuit accusing the company of misleading investors about its health during the 2008...

  5. McDonald’s Falls Short of Estimates

    Earnings HQ: FBN’s Diane Macedo reports that McDonald’s first quarter profits have fallen short of estimates.

  6. General Electric Results Top Estimates

    Earnings HQ: FBN’s Diane Macedo reports that General Electric has topped estimates, and shares earnings for Rockwell Collins and Kimberly-Clark.

  7. Margins Are Down for Industrial Business

    Dow Jones Newswire’s Bob Sechler weighs in on industrial business numbers.

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