Friday 19 October 2018

Halliburton seeks EU nod for $35bn Baker Hughes deal

BRUSSELS, November 28, 2015

US oil services provider Halliburton Company has refiled a request for EU antitrust approval of its $35 billion bid for smaller rival Baker Hughes, four months after regulators rejected an earlier application because of insufficient data.

The European Commission will decide by Jan. 12 whether to clear the deal or open a full investigation, according to a filing on its website.

Halliburton has said it is prepared to sell three drilling businesses in Mexico and an expandable liner hangers unit as well as three Baker Hughes businesses which includes offshore cementing activities in Australia, Brazil, the Gulf of Mexico, Norway and the United Kingdom.

It has previously said it was willing to sell businesses with total revenues of $7.5 billion to appease regulators.

The companies, the No. 2 and No. 3 in the oilfield services industry, would leapfrog current leader Schlumberger after the merger.

Halliburton asked for EU approval for the deal on July 23 but the file was declared incomplete on July 31.

US antitrust authorities are also investigating the deal while Canada, Kazakhstan, South Africa and Turkey have given the green light. Australia's antitrust agency, however, raised concerns last month and will issue its decision on December 17.-Reuters

Tags: EU | Halliburton | Baker Hughes |

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