GE and Baker Hughes set to strike $30billion deal, reports says

General Electric (GE) is nearing a deal valued at about $30billion to combine its oil and gas business with Baker Hughes Inc., the Wall Street Journal reported.

The transaction, which will be announced on Monday, will create a publicly-traded entity controlled by GE, the newspaper reported, citing people familiar with the situation it didn’t identify.

The companies will host a webcast at 8:30 a.m. Eastern time, Baker Hughes said in a statement, without giving details about what will be discussed. Spokeswomen for both companies declined to comment when contacted by phone.

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