GE's $3B Buy Of John Wood Well Unit Clears Hurdles

Law360, New York (April 1, 2011, 3:30 PM EDT) -- General Electric Co.'s $2.8 billion bid for the well support unit of John Wood Group PLC, which U.S. operations are based in Houston, cleared two major hurdles on Thursday with the Federal Trade Commission and John Wood shareholders approving the transaction.

The FTC is ending its antitrust investigation of the deal, announced in February, which GE says will expand its footprint in the fast-growing market for unconventional oil and gas production services.

Over 70 percent of John Wood shareholders assented to the buyout on Thursday, with...
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