Emma Asma Cornwall
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Emma Asma Cornwall in Gainers & Losers,

Baker Hughes can survive without Halliburton

The collapse of the proposed tie-up between oilfield services giants Halliburton and Baker Hughes may trigger a wave of consolidation and further cost cutting as the industry reels from low oil prices, according to USA Today. Baker Hughes on Monday announced plans to shed $500 million in costs after the U.S. Justice Department blocked the company's sale to rival Halliburton on antitrust concerns.

Now, some analysts are anticipating a fresh round of mergers, acquisitions and restructuring to cope with low cash flow from crude oil's decline. Halliburton and Baker Hughes, however, are viewed as financially resilient enough to ride out the cycle.

Baker Hughes is down on today's trading, but it's a short-term reaction - hopefully shares will bounce during next few weeks