EU Seeks Addl Information On Halliburton's Proposed Acquisition Of Baker Hughes

(RTTNews) - Oilfield services provider Halliburton Co. (HAL) said Sunday that it received a request from the European Commission for additional information about its proposed acquisition of smaller peer Baker Hughes Inc. (BHI).

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.

Halliburton today confirmed that the company's Form CO, the standard notification form required for merger approval by the European Commission, was filed on July 23, 2015. On July 31, Halliburton received notice from the Commission requesting additional information in a few discrete areas. The Commission considers this information necessary to complete the Form CO.

Halliburton noted that it will work closely and cooperatively with the European Commission to provide this additional information in the near future. This will then start the formal review process.

Halliburton also said that it has certified substantial compliance with the United States Department of Justice's (DOJ) request for additional information (second request). Baker Hughes previously certified substantial compliance with its second request on July 14, 2015.

The companies each received second requests from the DOJ in February 2015 in connection with Halliburton's pending acquisition of Baker Hughes. The second requests were issued under the notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Both Halliburton and Baker Hughes continue to work constructively with the DOJ on the investigation.