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takyon writes:

http://www.npr.org/sections/thetwo-way/2016/05/02/476475970/halliburton-baker-hughes-kill-28-billion-merger-amid-regulator-opposition

Amid pressure from both U.S. and European antitrust regulators, two of the world's biggest oilfield services companies, Halliburton and Baker Hughes, have called off their $28 billion merger. In April, the Justice Department sued to stop the merger saying it would have eliminated competition, NPR's Jim Zarroli reports for our Newscast unit.

The companies perform various services in the oil production process, including managing geological data, drilling evaluation, well construction, as well as transporting and processing the oil, according to the companies' websites. The DOJ said the deal would have left just two dominant entities in this business: the newly formed company, and Schlumberger, which is the world's largest oil services company.

Halliburton has to pay $3.5 billion due to failure of the deal. Also at Marketplace, The New York Times , Bloomberg, Reuters.

Original Submission

1. "takyon" - https://soylentnews.org/~takyon/
2. "Marketplace" - http://cms.marketplace.org/2016/05/02/business/regulator-pressure-kills-halliburton-merger
3. " The New York Times " - http://www.nytimes.com/2016/05/03/business/halliburton-baker-hughes-breakup-is-a-lesson-in-hubris.html
4. "Bloomberg" - http://www.bloomberg.com/news/articles/2016-05-02/halliburton-baker-hughes-abandon-28-billion-merger-agreement
5. "Reuters" - http://www.reuters.com/article/us-baker-hughes-m-a-halliburton-buyback-idUSKCN0XT0UB
6. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=13491

printed from SoylentNews, $28 Billion Halliburton Merger Killed by Regulators on 2024-04-25 06:20:36