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Why the Partnership With Baker Hughes is GE's Latest Shrewd Move

General Electric Co. (NYSE: GE) CEO Jeffrey Immelt is pushing forward with the corporate makeover of the company he runs - this time with a complicated-but-intriguing "partnership" deal involving oil-services player Baker Hughes Inc. (NYSE: BHI).

As structured, the deal will have GE combine its oilfield-services unit with Baker Hughes, creating a venture that's 62.5% owned by GE and 37.5% by Baker Hughes.

There's a lot to like about this deal.

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