EU Halts Halliburton, Baker Hughes Deal Review, Awaits Details

Reuters

BRUSSELS, Feb 22 – European Union antitrust regulators have halted their scrutiny of U.S. oilfield services provider Halliburton Co's proposed takeover of Baker Hughes because the companies failed to provide some details of the $35 billion deal.

The European Commission took the decision last Thursday, according to a filing on its website.

"This is a standard procedure on merger investigations which is activated if the notifying parties do not provide an important piece of information that the Commission has requested from them," Commission spokesman Ricardo Cardoso said in an email.

The EU competition authority will set a new deadline for its decision when it has the required information from the companies. The previous deadline was June 23.

Halliburton is prepared to sell businesses with combined 2013 revenue of $5.2 billion to appease regulators worried about higher prices and less innovation following the merger. It has yet to make a formal offer to the Commission.

U.S. antitrust regulators are also examining the bid which has received the green light in Canada, Colombia, Ecuador, Kazakhstan, South Africa and Turkey.

The deal comes amid falling oil prices and reduced drilling activity as oil producers mothball rigs and scale back spending.

(Reporting by Foo Yun Chee; Editing by Mark Potter)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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