Halliburton passed on a chance to offer early concessions to European Union regulators, meaning it will likely face a protracted antitrust review of its plan to buy oil services rival Baker Hughes Inc. for $26 billion.
Halliburton had until midnight Tuesday to propose remedies to the European Commission in Brussels but passed up the opportunity, according to the regulator’s press office. The EU will probably open an in-depth investigation into competition concerns by Jan. 12, the regulator’s cut-off for an early ruling.
The commission’s review will add to the intense scrutiny of the merger from regulators across the world. The U.S. Justice Department told the world’s No. 2 and No. 3 oil service companies that officials aren’t satisfied with Halliburton’s proposals for eradicating competition concerns related to the deal. The companies countered that their package of asset sales is “more than sufficient” to address competition worries.
Extending the probe would push the EU’s final deadline for a decision into May, beyond the companies’ self-imposed April 30 date to close the deal.
Full content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Lawmaker Probes FTC and EU’s Role in Amazon’s Failed iRobot Acquisition
May 2, 2024 by
CPI
FTC to Approve Exxon’s $64 Billion Deal with Pioneer Resources, Excludes
May 1, 2024 by
CPI
UK Competition Watchdog Raises Alarm Over Nvidia’s ARM Takeover
May 1, 2024 by
CPI
Sen. Klobuchar Urges Regulators to Probe Collusion in Healthcare Pricing
May 1, 2024 by
CPI
Multiple States Join Tennessee’s Antitrust Lawsuit Against NCAA Over NIL Rules
May 1, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI