EU Regulators Resume Scrutiny of Halliburton, Baker Hughes Deal
April 12 - EU competition regulators have resumed their scrutiny of U.S. oil industry services group Halliburton Co's plan to acquire smaller rival Baker Hughes, a deal which U.S. authorities say is uncompetitive and wants to block.
The European Commission, which halted its investigation into the $35 billion deal last month while waiting for more details from the companies, will now decide by Aug. 11 whether to clear or veto the takeover.
"Once the requested missing information is provided the Commission restarts the clock," Commission spokesman Ricardo Cardoso said in an email.
The EU antitrust authority has previously expressed concerns that the deal may reduce competition and innovation.
Halliburton has said it is willing to sell assets from both companies with a combined 2013 revenue of $5.2 billion but has yet to make a formal offer to regulators.
The U.S. Justice Department filed a lawsuit last week to stop the merger, valued at $35 billion when it was first announced in November 2014, saying it would leave only two dominant suppliers in 20 business lines in the global well drilling and oil industry construction services industry, with Schlumberger NV being one of the two.
(Reporting by Foo Yun Chee; Editing by Greg Mahlich)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Halliburton Upbeat On 2018 As Oil Recovery Spreads (Jan 22)
- Halliburton Posts International Revenue Growth, Unlike Schlumberger (Oct 23)
- Halliburton CEO Defends Fracking Business as Margins Disappoint (Oct 23)
Company: Baker Hughes more info
- Baker Hughes: Oil Drillers In Canada Boost Rigs To 10-Month High (Jan 12)
- Baker Hughes: US Oil Rig Count Ends 2017 40% Above Year-Ago Levels (Dec 29)
- Baker Hughes: US Drillers Add The Most Oil Rigs In A Week Since June (Nov 10)