Baker Hughes seeks antitrust clearance.
Baker Hughes proposes remedies to secure European Commission approval for $13.6 billion Chart acquisition.
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Key Points
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The European Commission did not disclose the specific remedies “in line with its policy,” and it could decide to open a “full-scale four-month-long investigation” if it has serious concerns.
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Baker Hughes said the deal is meant to “reinforce its presence in industrial technology servicing liquefied natural gas and data centres” and to “leverage its industrial and energy technology portfolio.”
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Chart Industries’ operations are described as industrial equipment—such as “valves and measurement technology”—for gas and liquid molecule handling, with “65 manufacturing locations with more than 50 service centres globally.”
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In its filings, the companies confirmed the EC Form CO submission date—“on May 21, 2026”—and reiterated the deal structure: Baker Hughes would acquire Chart via a merger where Chart “will [survive] … as an indirect wholly owned subsidiary of Baker Hughes.”
Baker Hughes has offered a package of remedies to the European Commission to secure approval for its $13.6 billion takeover of Chart Industries, according to Reuters. The EC set a July 10 deadline to decide whether to accept the proposals, demand more, or launch a full four-month Phase II investigation.
Baker Hughes says any remedies under discussion will not "materially change" the deal's commercial rationale. The company still expects the merger to close in July 2026, pending regulatory sign-off.
Baker Hughes Outbid Flowserve to Land Chart Industries
The deal traces back to a bidding war in mid-2025. Chart had agreed to a roughly $19 billion merger with Flowserve — but Baker Hughes swept in with an all-cash offer of $210 per share, a 22% premium over Chart's trading price at the time, according to Seeking Alpha. Chart paid Flowserve a $266 million breakup fee to walk away.
Baker Hughes CEO Lorenzo Simonelli framed the deal as a cornerstone of the company's shift toward energy technology. "We stand on both sides of The Energy Equation — a position no one else holds," he said in January 2026. The merger would make Chart an indirect wholly owned subsidiary of Baker Hughes, per SEC filings reviewed by TipRanks.
EU Eyes Conglomerate Power Over LNG Supply Chain
The EC's concern is not just about direct product overlap. Analysts at MLex flagged "conglomerate effects" as the central worry, according to Seeking Alpha. Baker Hughes makes gas-turbine compressors. Chart makes the liquefaction cold boxes that sit alongside them. Together, rivals fear the combined company could bundle products to shut out smaller competitors from major LNG projects.
The EC has not disclosed what remedies Baker Hughes proposed — "in line with its policy," Reuters noted. Before July 10, regulators will seek feedback from customers and rivals to decide whether the fixes are enough. A Phase II probe would push the closing well into late 2026.
Chart's 65 Factories Add Scale Beyond Oil and Gas
Chart Industries is not a pure energy company. It makes valves, measurement tools, and cryogenic equipment — hardware for handling gas and liquid molecules — across 65 manufacturing sites and more than 50 service centers worldwide, according to SEC filings cited by Gurus Focus. That footprint is part of what drew Baker Hughes to the deal.
Baker Hughes wants Chart's cold-chain technology for two fast-growing markets: liquefied natural gas and liquid-cooled AI data centers. RBC Capital Markets analyst Keith Mackey called the acquisition a "notable strategic box-check," pointing to higher aftermarket service revenue and broader industry diversification, per Reuters.
July 10 Is the Make-or-Break Moment for the Deal
If the EC approves the remedies by July 10, Baker Hughes and Chart can move toward a closing that month. If the EC opens Phase II, the process stretches another four months. That delay could raise financing costs and potentially force a renegotiation of terms, according to Seeking Alpha.
Baker Hughes expects the deal to add to earnings per share in its first full year. The companies have targeted $325 million in annual cost savings by year three, per Reuters. The Form CO — the formal merger filing — was submitted to the EC on May 21, 2026, starting the Phase I clock.
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