EU regulators to decide on Halliburton, Baker Hughes deal by July 11

Offshore staff

BRUSSELS – European Union antitrust enforcers have resumed their investigation into US oilfield services provider Halliburton’s proposed acquisition of Baker Hughes, and will decide by July 11 whether to approve the $35-billion deal.

The European Commission, which halted the investigation on Feb. 18, said it had received further information from both companies.

“Once we received the information from the parties, we restarted the clock and set a new deadline,” commission spokesman Ricardo Cardoso was quoted to say in a Reuters report. The commission would make a decision by July 11, according to a recent filing on its website.

According to reports, Halliburton is likely to submit a package of concessions shortly to address regulatory concerns about possible price hikes and reduced innovation following the merger. It is ready to sell businesses with combined 2013 sales of $5.2 billion.

The deal has already received regulatory clearances in Canada, Colombia, Ecuador, Kazakhstan, South Africa and Turkey, according to Halliburton. But US and EU regulators worry that there will be a lack of competition if the second- and third-largest oil-field service providers merge.

03/11/2016 

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