GE Reportedly Nears Deal To Combine Oil And Gas Business With Baker Hughes

(RTTNews) - General Electric Co. (GE) is nearing a roughly $30 billion deal to combine its oil and gas business with Baker Hughes Inc., the Wall Street Journal reported citing people familiar with the matter.

The Journal said that GE plans to contribute its oil and gas business and some cash to the new entity, which would have publicly traded shares and be controlled by GE. The transaction is to be announced Monday morning.

Baker Hughes on Friday confirmed it is in discussions with GE, a day after The Wall Street Journal reported the companies were in talks about a potential transaction.

GE and Baker Hughes said that they will host an Investor webcast at 8:30 am ET/5:30 am PT on October 31, 2016.