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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.

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    Full Content: Reuters

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