EC Extends Review Of Halliburton's Pending Acquisition Of Baker Hughes

(RTTNews) - Oilfield services provider Halliburton (HAL) and the European Commission have reached an agreement under which the Commission will extend its Phase II review of Halliburton's pending acquisition of Baker Hughes (BHI) by 20 working days.

Halliburton believes the extension will facilitate the Commission's review of a remedies package, which will be formally offered by the company in the near future in order to address the Commission's concerns. Halliburton continues to work cooperatively with the Commission, as well as all other competition enforcement authorities that have expressed an interest in the proposed transaction. Halliburton remains focused on closing the transaction as early as possible in 2016.

In November 2014, Halliburton had agreed to acquire smaller peer Baker Hughes in a cash and stock deal valued at $78.62 per Baker Hughes share or a total of $34.6 billion. The deal represented an enterprise value of $38 billion.