Petroleum Africa
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Wednesday, April 6, 2016
The US DoJ has launched a lawsuit against investor ValueAct Capital, contending that the firm violated pre-merger notification requirements related to the Halliburton and Baker Hughes merger.
The lawsuit said ValueAct used its access to senior Halliburton and Baker Hughes executives to formulate the merger and other strategies, and also said a civil penalty of “at least $19 million” was appropriate.
ValueAct said in a statement it will fight the allegations.
Halliburton and Baker Hughes have been trying to clear the hurdles involved in the transaction; which at the time it was announced was worth $35 billion, the value of the deal has taken a big plunge since it was announced in Q4 2014 and its now valued at roughly half its original price.
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