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EU: Halliburton faces long probe

By  |  January 6, 2016

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.

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    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

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