Halliburton and Baker Hughes Could Not Satisfy the Regulators; Extend Merger Deadline
Halliburton still peruses to take over Baker Hughes and extended a deadline imposed by itself till end of April. The companies do not seem too confident regarding the deal owing to scrutiny by the regulators. Curbed competition is a worry that's making convincing the authorities difficult for the oil field service providers.
Both Houston-based companies are some of the largest in their industry ranking only after Schlumberger in size. They provide services and equipment for oil producers and have been for time trying to convince the regulators about the merger.
The companies said they were not able to resolve concerns of the U. S. Department of Justice related to the merger by the Tuesday which was the earlier set by them.
Although the companies' proposed different options for selling business units but none could satisfy the regulators' concerns of diminished competition in the market.
In a joint statement, Halliburton and Baker Hughes said in "The companies intend to continue their discussions with the DOJ, and remain focused on completing the transaction as early as possible in 2016, but there is no guarantee that an agreement with the DOJ or other competition authorities will be reached."
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