Halliburton Co. and Baker Hughes Inc. said that the European Commission’s decision to begin a Phase II review of Halliburton’s pending acquisition of Baker Hughes is a normal step in its review process, and that views expressed by the commission are preliminary at this point.
Pursuant to applicable regulations, the commission will have about 90 working days to review the pending transaction, and both companies said they are working constructively with the European Commission. The European Commission was informed of remedies Halliburton sent to the U.S. Department of Justice.
Reuters reported Jan. 12 that in November 2014, Halliburton offered to buy its rival for about US$35 billion in cash and stock, creating an oilfield services behemoth rivalling Schlumberger Ltd.
Halliburton expressed confidence that the tieup of the No. 2 and No. 3 players in the services industry would clear regulatory hurdles. However, the two companies said last month that U.S. antitrust officials were not satisfied with proposed concessions, Reuters said.
To date, the transaction has received regulatory clearances in Canada, Colombia, Ecuador, Kazakhstan, South Africa and Turkey, Halliburton and Baker Hughes said.
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