Joined Nov 11, 2007
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$GE to Buy $LUFK for $3.3 Billion

“(Reuters) – General Electric Co said it will buy oilfield services provider Lufkin Industries Inc for about $3.3 billion to expand its oil and gas business.

The offer values Lufkin at $88.50 per share, representing a premium of 38 percent to the stock’s Friday close. Lufkin shares rose to $87.97 in premarket trading.

Lufkin, which makes artificial lift technologies and industrial equipment, has operations in the United States, Canada, Latin America, the Middle East and Europe….”

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