Halliburton was given more time by the European Union to come up with a package of asset sales that will assuage competition concerns over its takeover of oilfield services rival Baker Hughes Inc.
The company said Wednesday that it would offer the remedies soon, after the EU pushed back the deadline for reviewing the deal by 20 working days to June 23.
“Halliburton believes the extension will facilitate the commission’s review of a remedies package, which will be formally offered by the company in the near future in order to address the commission’s concerns,” Emily Mir, a spokeswoman for the Houston-based company, said in an e-mail.
The EU merger authority opened an in-depth probe into the deal on Jan. 12, citing concerns that combining the the second- and third-largest suppliers to oil exploration companies may impede competition and increase prices.
Halliburton last month expanded a list of assets to sell to try to convince antitrust authorities across the world that the deal won’t harm competition. The oilfield services company said it presented its new plan to the US Justice Department in January. It didn’t disclose what new assets it’s planning to divest.
The cash and stock deal was valued at $34.6 billion when it was announced near the end of 2014, just as oil prices had begun their downward spiral. Shares of both companies have dropped more than 30 percent since then. Halliburton would have to pay Baker Hughes a breakup fee of $3.5 billion if the bid is dropped.
Full content: Natural Gas Intel
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Apple Prevails in Dismissal of Crypto-Payment Antitrust Lawsuit
Mar 27, 2024 by
CPI
Amazon Fined in Poland for Misleading Customers
Mar 27, 2024 by
CPI
Credit Card Rewards Under Threat as Visa, Mastercard Settlement Impacts Swipe Fees
Mar 27, 2024 by
CPI
UK Fashion Giants Commit to Honest Environmental Claims
Mar 27, 2024 by
CPI
Former Traders Lose Appeal Against Libor Rigging Conviction
Mar 27, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI