DOJ sees problems with Halliburton’s deal for Baker Hughes

Halliburton’s efforts to gain regulatory approval of its $35 billion buyout of Baker Hughes may have gotten a bit tougher, the “New York Post” reported. Houston-based oil-field services company Halliburton must find a single buyer for roughly $7.5 billion of assets which must be divested — instead of selling them to different suitors, the Department of Justice has determined, two sources close to the situation said. Last November, Halliburton, in announcing the deal that would combine the No. 2 and No. 3 oilfield service companies (behind Schlumberger), agreed to sell businesses that generate up to $7.5 billion in revenue. Justice’s single-buyer mandate leaves the $31.7 billion market-cap company with few options other than selling the package of assets to General Electric or Siemens, sources said. “Finding a single buyer will be a challenge,” a source close to the situation — and not directly working for or against the deal — said, according to the Post. Last week,
http://www.shaledirectories.com/blog/doj-sees-problems-with-halliburtons-deal-for-baker-hughes/