Department of Justice filed lawsuit against ValueAct Capital last week, related to Halliburton and Baker Hughes merger. Meanwhile, ValueAct on Monday claimed no wrongdoing and will defend its position.
Halliburton
European Union antitrust regulator resumed its review on the takeover of Baker Hughes by Halliburton. European Commission plan to reach decision in August whether to approve or veto the deal.
United States Justice Department has prepared a lawsuit to block acquisition of Baker Hughes. Halliburton took over the company in November 2014.
Oil field work was coming in fast when GoFrac doubled its workforce and equipment fleet at the beginning of last year, just one of hundreds of small oil service companies thriving on the revival of U.S. drilling.
New orders for U.S. factory goods recorded their biggest increase in eight months in March, boosted by demand for transportation equipment, but the underlying trend remained weak against the backdrop of a strong dollar.
Halliburton Co (HAL.N) warned of headwinds in its international operations and pricing pressure for its oilfield services in North America, its largest market, as an extended slump in oil prices continues to force drillers to slash spending.
Investors have wrung their hands over the last several weeks over the effect of lower oil prices on the broader S&P 500, but the relationship between the two is actually starting to break down.
Halliburton Co's $35 billion takeover of Baker Hughes Inc will create an oilfield services powerhouse in North Dakota with more than half the cementing market and a leading position in fracking, according to data seen by Reuters.
Low oil prices that threaten producers' profits may be a boon in one way, as they force service companies to keep prices low for the drill bits, cement and piping for oil extraction, even if two of the largest providers of such products merge.
Halliburton Co (HAL.N) will buy Baker Hughes Inc (BHI.N) for about $35 billion in cash and stock, creating an oilfield services behemoth to take on market leader Schlumberger NV (SLB.N) as falling oil prices threaten to erode demand.
London, UK-based private equity group Arle Capital Partners is planning either an exit or a listing of its British oil services company Expro this year, according to a report citing inside sources.
Subscribe to VCpost newsletter
Most Popular
- SSI Payment for May 2024: Supplemental Security Income Recipients to See Double Amount in Payout
- Doctors Raise Concerns Over Proposed Capital Gains Tax Changes
- How to Apply for Social Security Spousal Benefits; Here's How You May Boost Your Money!
- How to Get IRS Unclaimed Tax Refunds: Here's What to Do If You Think You Have Pending Payments
- Celebrity Designer Nancy Gonzalez Jailed for Smuggling Crocodile, Python Handbags
- Kroger and Albertsons to Sell off 166 Stores in Effort to Gain Approval for Their $25 Billion Merger
- Illinois Woman, Who Mysteriously Drowned After Giving $1.5 Million to Online Romance Scammers, Knew She'd 'End up Dead'
- Can Science & Spirituality Be Bridged? Dr. Lenore Matthew Says Yes!