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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Halliburton Co | NYSE:HAL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.36 | 0.99% | 36.69 | 37.04 | 36.46 | 36.66 | 5,034,249 | 00:02:04 |
By Angela Chen
Halliburton Co. and Baker Hughes Inc. have agreed to extend until at least Nov. 25 the Justice Department's antitrust review period of their $35 billion merger.
Halliburton also has proposed to competition authorities a plan to divest more businesses than had been previously announced.
The agreement with the Justice Department extends the review period to Nov. 25 or 90 days after both companies have certified substantial compliance with the Justice Department's second request, whichever is later. The companies said they expect to achieve substantial compliance by midsummer.
Halliburton and Baker Hughes now expect the deal to close no later than Dec. 1 and are still in discussions with authorities regarding the acquisition.
In November, Halliburton agreed to buy Baker Hughes for $35 billion. To address possible antitrust concerns, Halliburton at that time agreed to sell businesses that generate up to $7.5 billion in revenue.
Halliburton agreed to pay Baker Hughes $3.5 billion if the deal fails to clear antitrust review. But antitrust experts have said the merger could face regulatory resistance because it would leave the industry highly concentrated between two large companies: the merged Halliburton, as the new company would be named, and Schlumberger Ltd.
Halliburton, the world's second-largest oil-field-services company, has felt the impact of lower oil prices. It said in April that it cut 9,000 jobs, or 10% of its workforce and planned to lay off more employees in the months after.
Shares of Halliburton increased less than 1% in recent after-hours trading. They have risen about 5% this year. Shares of Baker Hughes were inactive and have increased about 6%.
Write to Angela Chen at angela.chen@dowjones.com
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