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Thursday, March 24, 2016
Oilfield services provider Halliburton’s plan to acquire rival Baker Hughes faces more delay after European Union antitrust regulators halted their investigation into the $35-billion deal for the second time.
According to the commission the firms have yet to provide an important piece of information.
To address competition concerns, Halliburton proposed a new set of divestitures in January to regulators, however that divesture offer has yet to be submitted. Once it is submitted the commission will resume its due diligence process.
The EU, like a few others, is concerned that the merger of these two service firms will reduce competition and innovation. The deal has also seen concerns voiced by more than one executive from oil and gas exploration and production firms with the latest being Total CEO, Patrick Pouyanne, telling Bloomberg, “Obviously when you have less competition in service providers, I’m not in favor.”
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