Has another massive Merger Monday been scheduled?
The Wall Street Journal reported Thursday that GE was in talks to merge its oil and gas businesses with Baker Hughes in a deal worth upward of $20 billion. Baker Hughes CEO Martin Craighead confirmed the sale talks in a memo to employees.
"Tonight you may have read media coverage speculating about conversations between Baker Hughes and GE," Craighead wrote in the Oct. 28 memo, which was included in a regulatory filing. "I want to clarify that while we have been in discussions with GE, nothing is concluded, and there is no guarantee anything will be concluded."
In new reporting late Sunday, the Journal reported that the roughly $30 billion deal will create a new publicly traded entity controlled by GE.
Halliburton (HAL) - Get Report agreed to buy Baker Hughes in late 2014 for about $35 billion. The deal was officially cancelled in May 2016 after the Department of Justice sought to block the merger, arguing that it "would have raised prices, decreased output and lessened innovation in at least 23 oilfield products and services critical to the nation's energy supply."
Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long GE.