Stop to the merger plan Halliburton – Baker Hughes

The merger between Halliburton and Baker Hughes will not be made.

After the lighthouse operation switched from Brussels and the strong opposition of the US Justice Department, Halliburton has renounced the merger plan announced last November, amounting to 35 billion dollars.

The deal was judged by the European Commission too dangerous because it might impede effective competition in violation of the Merger Regulation. The operation that would put together the second and third largest players in the sector, could eliminate the third leader Schlumberger. Even for the US antitrust service, the acquisition would undermine competition in the oil services sector, resulted in higher prices and reduced innovation in the oil services sector.

"The difficulties in getting the remaining green light by regulators and the general conditions of the sector, which have affected the economic conditions of the Agreement, have led us to the conclusion that the best choice is to give up the project," explained the President and Halliburton CEO Dave Lesar.