General Electric is seeking to combine its oil-and-gas business with conglomerate Baker Hughes.  The deal, if approved by regulators, will create a new company jointly owned  by GE and Baker Hughes shareholders. Consolidation within oilfield-services allows major players to weather the current tough low-cost oil climate and position themselves for an expected recovery. The move will have implications for the sector and for GE’s ability to compete with rivals such as Schlumberger.