Halliburton, Baker Hughes Agree To Extend Period For DOJ's Review Of Merger

(RTTNews) - Halliburton Co (HAL) and Baker Hughes Inc (BHI) on Friday said they entered into a timing agreement with the Antitrust Division of the U.S. Department of Justice pursuant to which both companies have agreed to extend the period for the DOJ's review of Halliburton's acquisition of Baker Hughes to the later of November 25, 2015 or 90 days after both companies have certified substantial compliance with the DOJ's second request.

Both Halliburton and Baker Hughes expect to certify substantial compliance with the DOJ's second requests, issued to each company, by mid-summer.

In light of the timing agreement, Halliburton and Baker Hughes also have agreed to extend the time period for closing of the acquisition to no later than December 1, 2015.

Halliburton and Baker Hughes continue to be in discussions with the DOJ, the European Commission and other competition enforcement authorities with respect to the acquisition.

In mid-November, Halliburton said it agreed to Baker Hughes in a cash and stock deal valued at $78.62 per Baker Hughes share, or a total of $34.6 billion.

As previously announced, Halliburton is currently marketing for sale its Fixed Cutter and Roller Cone Drill Bits, Directional Drilling and Logging-While-Drilling (LWD)/Measurement-While-Drilling (MWD) businesses.

In addition, Halliburton has shared with various competition enforcement authorities around the world a proposal to divest additional businesses of the companies which, together with the previously announced divestitures, are within the scope of those contemplated by Halliburton at the time of the transaction. There is no agreement to date with any competition