Halliburton and Baker Hughes call off merger

Halliburton and Baker Hughes call off merger

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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