GE To Pay $3.1 Billion For Lufkin

General Electric Co. (NYSE: GE) will pay a premium of approximately $3.1 billion to acquire Lufkin Industries Inc. (Nasdaq: LUFK). Shares of Lufkin leaped $24.03 to close at $87.96 while GE stock edged up 19 cents to close at $23.12.

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