Breaking NEWS for our industry!!
US oil services companies Halliburton and Baker Hughes have called off their proposed merger after resistance from regulators in the US and Europe.
The deal, announced in 2014, would have seen a $34.6bn takeover by Halliburton of Baker Hughes, creating a powerful rival to global leader Schlumberger.
Halliburton and Baker Hughes are the second and third biggest oil services companies.
That raised concerns about higher prices and reduced competition.
Baker Hughes stands to receive a $3.5bn break-up fee as a result of the deal falling through.
Failure to satisfy regulatory concerns was not the only reason for abandoning the merger. Continue reading