Justice Department Set to Block Oil Merger


The U.S. Justice Department is preparing to the stop the merger of Halliburton Co. and Baker Hughes Inc., according to the Wall Street Journal.

The nearly $35 billion deal was struck to merge to the world’s second and third largest oil commodities. The impeding lawsuit would be the largest opposition the deal has faced since 2014.

Proponents of the deal say, the merger will create a stronger and more efficient organization, which ideally would keep oil costs down.

Officials in Europe, Australia, and Brazil have also questioned the authenticity of the deal saying, the merger could reduce competition and leave customers with fewer choices.

Both Halliburton and Baker Hughes have yet to comment as of posting this article.

Read full story…





Comments are closed.