By Dana Mattioli, Kate Linebaugh and Joann S. Lublin 

General Electric Co. is pursuing an acquisition of Baker Hughes Inc., according to people familiar with the matter, a transaction that would be the biggest in the history of the industrial giant and extend its bet on the battered oil industry.

GE has approached the oil-field services company about a takeover, the people said, but details of the talks couldn't be learned, and the talks could fall apart before an agreement is reached.

With a market value of $23 billion, Houston-based Baker Hughes could go for more than $30 billion in a takeover, given the typical premium. GE has a market value of $259 billion.

In 2014, Baker Hughes agreed to sell itself to rival Halliburton Co. for $35 billion, or $78.62 per share. Earlier this year, the Justice Department filed a lawsuit to block the proposed merger, and the deal fell apart.

Baker Hughes shares closed Thursday at $54.55.

--Ted Mann and David Benoit contributed to this article.

Write to Dana Mattioli at dana.mattioli@wsj.com, Kate Linebaugh at kate.linebaugh@wsj.com and Joann S. Lublin at joann.lublin@wsj.com

 

(END) Dow Jones Newswires

October 27, 2016 18:52 ET (22:52 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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