GE and Others Bidding On Halliburton Assets

General Electric is continuing its expansion into oil and gas by bidding on units Halliburton needs to sell to get regulatory approval for its Baker Hughes acquisition, according to reports.

GE has made offers for the oilfield service provider's drill bit and drilling-services business, according to sources cited by Bloomberg.

GE has been expanding its oil and gas segment as part of its focus on core industrial businesses while shedding its banking and finance assets. In 2013, GE completed its purchase of oilfield pump maker Lufkin Industries for $3.3 billion.

GE shares were flat in premarket trading in the stock market today.

But GE isn't the only bidder. Weatherford Internationaland Nabors Industries are also bidding on the services unit, according to Bloomberg, which reported the final offers will due in the next month.

The offers come as Halliburton needs to divest $7.5 billion in assets before regulators can green light its takeover of rival Baker Hughes.

The Justice Department further complicated the merger earlier this month by requiring Halliburton to offload the assets to a single buyer, according to the New York Post.

BY Gillian Rich

Source: Investors.com