General Electric Co has won U.S. antitrust approval to purchase oilfield pump maker Lufkin Industries Inc, a $2.98 billion deal that will allow GE to sharply increase its presence in the fast-growing market to extract oil and natural gas from shale. The Federal Trade Commission, which works with the Justice Department to enforce antitrust law, announced the approval on Friday.GE said it hoped to close the acquisition, announced April 8, by June.The deal is GE's first major acquisition since the conglomerate sold its remaining stake in NBC Universal two months ago.GE Chief Executive Jeffrey Immelt has spoken recently of plans to focus more on growth in the energy-rich shale fields of North Dakota, Texas and elsewhere in the United States.
Lufkin Industries, Inc. is a global supplier of artificial lift products, technology, services and solutions, including automated control equipment and analytical products for artificial lift equipment, to the oil and gas industry. Shares of LUFK traded higher by 0.07% or $0.06/share to $88.48. In the past year, the shares have traded as low as $45.11 and as high as $88.58. On average, 959978 shares of LUFK exchange hands on a given day and today's volume is recorded at 246096.