Oilfield services provider Halliburton and smaller rival Baker Hughes announced the termination of their $28bn merger deal on Sunday after opposition from US and European antitrust regulators.
“Challenges in obtaining remaining regulatory approvals and general industry conditions that severely damaged deal economics led to the conclusion that termination is the best course of action,” said Dave Lesar, chief executive of Halliburton.
Halliburton will pay Baker Hughes a $3.5bn breakup fee by Wednesday as a result of the deal falling apart.
