Deals
U.S. Sues Halliburton in Effort to Block Baker Hughes Deal
- Justice Department says combination undercuts competition
- Lawsuit extends streak of U.S. antitrust challenges to deals
Halliburton May Face Lawsuit Over Baker Hughes Heal
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Halliburton Co. was sued by U.S. antitrust officials who say its planned takeover of rival oil-services firm Baker Hughes Inc. threatens competition and should be blocked, a blow to Halliburton’s bid to bulk up to better compete against rival Schlumberger Ltd.
The deal, which would unite the No. 2 and No. 3 firms in the industry, threatens to eliminate head-to-head competition in 23 products and services used in oil exploration and create a duopoly with market leader Schlumberger, the Justice Department said Wednesday.