EU probes Halliburton merger
Belgium
BRUSSELS, January 13, 2016 – The merger of US petroleum giants Halliburton and Baker Hughes will be subject to an investigation by the European Commission, the executive body of the EU announced on Tuesday.
The USD 35-million acquisition of Baker Hughes by Halliburton would eliminate one of the only four multi-sector international companies providing oilfield services, the other two being Weatherford and Schlumberger. The initial probe by the regulator indicated competition concerns in more than 30 product and service lines in the mid and downstream sectors.
In-depth probes by the commission are common for large mergers and doesn’t necessarily mean the deal will be blocked. Companies can decide to give concessions to appease the decision.
Halliburton said in a release that it would offer a “substantial remedies package that it believes will address any substantive competition concerns.”
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