Lufkin says probe reveals no breach of fiduciary duties on GE deal
(Reuters) - Oilfield pump maker Lufkin Industries LUFK.O said on Wednesday a special committee probe did not reveal any breach of fiduciary duties by its board on GE's (GE.N) takeover deal as alleged by two of its shareholders.
General Electric won U.S. antitrust approval in May to buy Lufkin in 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.
Lufkin's board said it would not pursue the allegations after reviewing the committee's presentation. (link.reuters.com/byv29t)
The company's shares closed at $88.46 on the Nasdaq on Wednesday. GE's shares closed at $23.25 on the New York Stock Exchange.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Sreejiraj Eluvangal)