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Halliburton to Buy Baker Hughes for $34.6 Billion

This is a discussion on Halliburton to Buy Baker Hughes for $34.6 Billion within the Current Events forums, part of the Tech Support Forum category. This has been cooking for while . . on then off, now on again! Halliburton Co. the second-biggest oilfield services


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Old 11-17-2014, 01:43 PM   #1
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This has been cooking for while . . on then off, now on again!

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Halliburton Co. the second-biggest oilfield services provider, agreed to buy No. 3 Baker Hughes Inc. (BHI), taking advantage of plunging crude prices to set up the biggest takeover of a U.S. energy company in three years.

Baker Hughes shareholders, whose stock since July had dropped 32 percent to $50.98 before reports of the deal surfaced, will receive 1.12 Halliburton shares plus $19 in cash for each share they own, the companies said in a statement today. That values the shares at $78.62 apiece, representing a 31 percent premium to Baker Hughes’s Nov. 14 closing price.

With the agreement, Halliburton eliminates a chief rival and expands its business portfolio and reach at a time when falling oil prices have pushed the industry into a downturn. The merger will likely draw intense antitrust scrutiny, especially where North America businesses overlap.
When crude prices drop, companies look to put their money to work other ways

Halliburton to Buy Baker Hughes for $34.6 Billion - Bloomberg
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