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.
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
- How to Protect Yourself from Check Fraud: Tips and Best Practices
- Mobi: Empowering Consumer Product Companies with Real-time Sales Data
- Exploring the Future of Economic Growth: The Top 5 Special Economic Zones to Watch in 2023
- David Tomassoni (Salvaje): How the Hospitality Industry has Rebounded in the Post-Pandemic World
- How Test Automation Tools are Revolutionizing the Software Development Process
- From Shark Tank to Main Street: Kevin Harrington’s New Fintech Platform is Making Investing in Small Businesses Easier Than Ever
- Meet Kelcy Warren: The CEO Behind Energy Transfer
- World TradeX Creates Nft'S And Digital Coins With Intrinsic Value