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US/EU: Halliburton commences antitrust discussions for mega merger

By  |  December 11, 2014

Halliburton has reportedly begun discussing its proposed merger with Baker Hughes with EU and US competition authorities.

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    The company’s chief financial officer Mark McCollum said this week that the regulatory reviews of the $35 billion acquisition have begun. Reports say the deal would combine the world’s two largest oil field service companies; the resulting entity would control more than 49 percent of the oil well cementing market, 41 percent of the drill bits market and 45 percent of the data-collecting drill market.

    Experts predict the company will need to divest assets worth billions of dollars to obtain antitrust clearance.

    McCollum added that the company is planning a $75 million restructuring charge in the fourth quarter in preparation for the merger.

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