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Failed Halliburton, Baker Hughes Deal Drew Dozens of Foes

Companies quit $28 billion merger amid antitrust challenge
Halliburton to pay Baker Hughes $3.5 billion termination fee

Bloomberg business news — Halliburton, Baker Hughes Call Off $28 Billion Merger

By

Matthew Monks and

May 2, 2016, 4:00 AM UTCUpdated onMay 2, 2016, 2:51 PM UTC

Halliburton Co. and Baker Hughes Inc. called off their $28 billion merger that faced stiff resistance from regulators in the U.S. and Europe over antitrust concerns.

A day after the merger was called off, Baker Hughes said Monday it will buy back shares and debt with the $3.5 billion break-up fee it’s due this week. The company also said it will cut costs as it focuses on new products for well drilling and production.