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Halliburton, Baker Hughes Quit $28 Billion Merger Agreement

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Halliburton, Baker Hughes Call Off $28 Billion Merger

Halliburton Co. and Baker Hughes Inc. called off their $28 billion merger that faced stiff resistance from regulators in the U.S. and Europe over antitrust concerns.

A day after the merger was called off, Baker Hughes said Monday it will buy back shares and debt with the $3.5 billion break-up fee it’s due this week. The company also said it will cut costs as it focuses on new products for well drilling and production.

The second- and third-largest oil-service firms had set a deadline for the end of April to complete the deal or walk away.

“While both companies expected the proposed merger to result in compelling benefits to shareholders, customers and other stakeholders, challenges in obtaining remaining regulatory approvals and general industry conditions that severely damaged deal economics led to...


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