Halliburton Refiles $35 Billion Buyout Of Baker Hughers

Halliburton to acquire Baker Hughes

Halliburton has refiled a request for EU antitrust approval of its $35 billion bid for rival Baker Hughes.

The company’s original bid was rejected by regulators four months ago because of “insufficient data” provided by the company.

The European Commission will decide by January 12 whether to clear the deal or begin a full investigation into the purchase.

Halliburton has already agreed to sell three drilling businesses in Mexico and an expandable liner hangers unit. The company said it would also sell three Baker Hughes businesses which includes offshore cementing activities in Australia, Brazil, the Gulf of Mexico, Norway and the United Kingdom.

If the deal is approved Halliburton says it would sell businesses with total revenues of $7.5 billion.

If the merger is approved the No. 2 and No. 3 businesses in the oilfield services industry, would pass current leader Schlumberger following the merger.

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

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U.S. antitrust authorities are also investigating the deal while Canada, Kazakhstan, South Africa and Turkey have given the green light.

The company is still facing some opposition from Australia’s antitrust agency, which will issue its decision on Dec. 17.


Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at OnlineDegree.com.