Oil Leader Baker Hughes To Buy BJ Services For $5B

Law360, New York (August 31, 2009, 4:13 PM EDT) -- Oil fields service provider Baker Hughes Inc. said Monday that it would acquire its smaller competitor BJ Services Co. for a value of $4.9 billion in cash and stock.

Originally priced at $5.5 billion, the cost of the deal dipped after Baker Hughes stock prices dropped Monday afternoon.

The arrangement provides for BJ Services shareholders to receive $2.69 in cash and 0.40035 shares of Baker Hughes in exchange for each share of the target company's common stock.

With the original cost of $5.5 billion, this would...
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