Oilfield services provider Halliburton and
smaller rival Baker Hughes announced the termination of their $28
billion merger deal on Sunday after opposition from U.S. and European
antitrust regulators.
The tie-up would have brought together the
world's No. 2 and No. 3 oil services companies, raising concerns it
would result in higher prices in the sector. It is the latest example of
a large merger deal failing to make it to the finish line because of
antitrust hurdles.
"Challenges in obtaining remaining regulatory approvals and general
industry conditions that severely damaged deal economics led to the
conclusion that termination is the best course of action," said Dave
Lesar, chief executive of Halliburton.
Click here for the full article.
Source: NBC News
No comments:
Post a Comment