General Electric leads suitors for Wellstream-paper

LONDON Sun Oct 3, 2010 6:22am EDT

LONDON Oct 3 (Reuters) - U.S. conglomerate General Electric (GE.N) is the mystery bidder planning an 800-million-pound-plus ($1.3 billion)takeover of British oilfield services firm Wellstream WSML.L, the Sunday Times newspaper reported.

Wellstream said on Sept. 21 it had received several bid approaches, but declined to name its suitors. [ID:nLDE68K08S]

The Sunday Times cited unnamed sources as saying General Electric (GE) made the first approach that put Wellstream in play and that it was still the leading contender to seal a deal.

Wellstream declined to comment. GE could not immediately be reached for comment. ($1=.6322 Pound) (Reporting by Mark Potter; Editing by Jon Loades-Carter)

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