BAKER HUGHES INC., Houston, acquired Eastman Christensen Co. from Norton Co. for $550 million cash plus a 5 year warrant to purchase as many as 8 million shares of Baker Hughes stock at $36.75/share. To comply with a U.S. Justice Department agreement, Baker Hughes will divest Hughes Tool Co.'s diamond bit business. Eastman becomes a division of Baker Hughes Drilling Equipment Co.

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