General Electric Co. (GE) on Wednesday won European Union approval to combine its oil-and-gas business with Baker Hughes Inc. (BHI) after regulators concluded the transaction wouldn't harm competition in Europe.
The European Commission said it investigated several markets where products from both companies compete, including onshore and offshore electrical submersible pumps as well as chemicals used for refining petroleum. The regulator said it also looked at markets where GE supplies Baker Hughes and its competitors, including sensors used in drilling.
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The EU said there were enough alternative competitors and suppliers in those markets where both companies overlap.
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(END) Dow Jones Newswires
May 31, 2017 09:03 ET (13:03 GMT)