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US/EU: Halliburton commences antitrust discussions for mega merger

 |  December 11, 2014

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

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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