A PYMNTS Company

US: GE makes move into oil extraction business

By  |  May 6, 2013

Federal approval for General Electric Co to make a near-$3 billion acquisition of Lufkin Industries Inc. has been granted, allowing the utilities company to make a fierce entrance into a quickly-emerging market. GE has been approved by the Federal Trade Commission to buy Lufkin Industries Inc. for $2.98 billion; the move suggests GE is turning towards the business of extracting oil and natural gas from shale. The FTC announced its approval last Friday, and the utilities company has said it is looking to complete the deal by June. GE first announced the buyout plans last April. GE divested its ownership in NBC Universal about two months ago; this deal marks the first acquisition since.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Reuters

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.