GE Says UK's Wellstream Rejects Takeover Bid

LONDON (AP) -- GE says that UK oil well services company Wellstream Holdings has turned down a 755 million pounds ($1.05 billion) takeover bid.

GE said Wednesday that it reserved the right to make another offer, for less money.

Wellstream, based in Newcastle upon Tyne, England, announced on Sept. 21 that it had received "a number of preliminary approaches" which might result in an offer.

In August, Wellstream reported a net profit of 7.2 million pounds in the six months ending June 30, down 57 percent from 16.8 million pounds a year earlier.
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