Chopped Apple

6 October 2010 By Rob Cox Follow @rob1cox

They seem overjoyed to see the conglomerate back in shopping mode. Given the low returns on investment on offer from Dresser or Wellstream that s curious. For a company that has incinerated value equal to Apple s market cap, undisciplined M&A would be a bad sign.

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General Electric on Oct. 6 said it will pay $3 billion to acquire Dresser, a maker of gas infrastructure, from private equity firms including Riverstone and First Reserve. GE said Dresser earned $318 million on $2 billion of revenue in 2009.

Separately, GE said its 755 million pound offer to acquire the UK's Wellstream Holdings was rebuffed.

In addition, GE Capital, the company's financial arm, said it would acquire a $1.6 billion portfolio of retail credit assets from Citigroup. Financial terms were not disclosed.

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