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Last year, GE joined forces with BHI to create a USD 32 billion oil business.
As per a notice submitted to the regulator, GE will acquire 62.5 per cent of the voting and economic rights of a newly-formed company.
The new company will be one of the industry's largest players, bringing together a portfolio of capabilities spanning oilfield services, equipment manufacturing and technology and will have dual headquarters in Houston and London.
General Electric is a global, diversified manufacturing, technology and services company, made up of a number of business units.
Baker Hughes Incorporated is a global supplier of oilfield services products, technology and systems to the worldwide oil and natural gas industry.
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