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US: Halliburton throws ‘Hail Mary’ to save $35B deal with Baker Hughes

By  |  April 4, 2016

Halliburton executives are making a last-ditch bid to save the company’s proposed $35 billion tie-up with rival Baker Hughes, The Post has learned.

While the Department of Justice has not made a final decision on whether to file a lawsuit seeking to block the deal, antitrust officials are leaning against the merger of the No. 2 and No. 3 oilfield services firms, according to two sources.

The feds could move as soon as this week to halt the deal, with an announcement coming during the American Bar Association’s annual antitrust conference in Washington, sources said.

Should Halliburton fail in its latest attempt to persuade regulators, it is on the hook to pay a $3.5 billion breakup fee to Baker Hughes. That’s equal to 10 percent of Halliburton’s $30 billion market cap.

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