Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Weatherford Rises After GE Agrees to Buy Lufkin

Weatherford International Ltd. climbed the most in almost three months after General Electric Co. agreed to buy Lufkin Industries Inc., another provider of oilfield services, for about $3.3 billion.

Weatherford, based in Geneva, rose 3.7 percent to $12.49 at the close in New York, the biggest increase since Jan. 18. The gain was the largest in the Bloomberg Americas Oil & Gas Services Index after Lufkin, which GE agreed to buy for a 38 percent premium to its April 5 closing price.

Lufkin and Weatherford make up about 80 percent of the U.S. market for rod-lift systems, which help pull oil out of existing wells that lose pressure over time, J. David Anderson, a New York-based analyst for JPMorgan Chase & Co. who rates the company the equivalent of a buy, wrote in a note to investors today.

With tax issues mostly resolved, Weatherford is still undergoing an investigation under the Foreign Corrupt Practices Act, “the main impediment for an acquisition or for activists to get involved in this stock,” Anderson wrote. “Our understanding is a mid-year resolution with the Department of Justice is increasingly likely, at which time we believe a takeover valuation premium is likely to develop.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.