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Brief -- Halliburton-Baker Merger

The European Union (EU) has extended a deadline for Halliburton Co. to secure a "remedies package" of asset sales to assuage competition concerns about its takeover of Baker Hughes Inc. The EU's regulatory arm, the European Commission, cited "serious" antitrust concerns in more than 30 product and services lines of the two Houston operators (see Daily GPIJan. 13). The EU extended the deadline to review the merger by 20 days to June 23. "Halliburton believes the extension will facilitate the commission's review of a remedies package, which will be formally offered by the company in the near future in order to address the commission’s concerns," a spokeswoman for Halliburton said. It presented an updated package of asset sales to the U.S. Department of Justice (DOJ), but it has not disclosed which properties it plans to divest. The DOJ has an April 30 deadline for its review. Halliburton would have to pay Baker a breakup fee of $3.5 billion if the bid is dropped.

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