Halliburton Has Until July to Convince EU Over Baker Hughes Bidby and
Companies provided extra info to EU antitrust regulators
Halliburton continues to work on package of concessions
Halliburton Co. faces a new July 11 deadline to convince European Union regulators to approve its acquisition of Baker Hughes Inc. as the oil-service providers continue to work on a package of concessions to assuage competition concerns.
The European Commission said it restarted the clock on its review after suspending the deadline last month to await important extra details about the deal.
“Halliburton and Baker Hughes confirm the companies have provided additional information to the European Commission for its ongoing review,” spokeswoman Emily Mir said in an e-mail. The companies “continue to work constructively” with all competition authorities reviewing the deal.
Halliburton agreed to buy Baker Hughes in November 2014 in a cash-and-stock deal that at the time was valued at about $35 billion. The transaction was scheduled to close last year, but has been delayed as the companies seek to resolve antitrust concerns in the U.S. and Europe.
Halliburton has been adding assets to the list of businesses it plans to sell to gain antitrust approval. The company plans to divest Baker’s offshore drilling-and-completions fluids division and the bulk of Baker’s completion systems, people familiar with the matter said last month.
The EU merger authority opened an in-depth probe into the deal on Jan. 12, citing concerns that combining the second- and third-largest suppliers to oil exploration companies may impede competition and increase prices.