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The Deal: Baker Hughes has agreed to acquire Petrolite Corp. for stock valued at $693 million Baker Hughes will offer stock valued at $61 / share for each of Petrolite's 11.4 million shares outstanding. On the news, shares of Petrolite were up 22%, or $10.375, to $58.375. Shares of Baker Hughes remained unchanged at $35.50. The number of shares to be issued will be based on the average price of Baker Hughes shares during a 10-day period before the acquisition is completed.