Baker International agreed to sell a tool unit.
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Baker said it signed a letter of intent to sell substantially all of its Reed Tool division, which has a 19% share of the worldwide market for oil field rock bits, to Camco Inc., a small Houston-based oil service company. The sale, if approved by the Justice Department, would make way for the $1.2-billion merger of Baker and Hughes Tool Co. The price of the transaction was not disclosed.
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