Newspaper article St Louis Post-Dispatch (MO)

U.S. Sues to Stop Deal between 2 Oilfield Services Firms

Newspaper article St Louis Post-Dispatch (MO)

U.S. Sues to Stop Deal between 2 Oilfield Services Firms

Article excerpt

WASHINGTON * The Justice Department is suing to stop Halliburton from buying oilfield-services rival Baker Hughes, the latest effort by the White House to block mergers that it believes enrich corporations but hurt consumers.

The government argues that the $35 billion deal would lead to higher prices and less innovation in the business of helping energy companies drill for oil and gas.

The Justice Department filed a lawsuit Wednesday in federal court in Delaware, charging that the deal would eliminate head-to-head competition in 23 markets for products and services including drill bits, fluids and expertise in drilling horizontal wells.

On Tuesday, news organizations had reported that the U.S. government was planning to take this step.

Halliburton Co. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.