Friday 14 November 2014

Halliburton in talks to acquire Baker Hughes


If the deal goes through, it would be one of the largest energy deals in recent years.
Halliburton is in talk to buy Baker Hughes in what would be a merger of oil field services giants, according to the Wall Street Journal, citing sources familiar with the deal.
The Journal did not mention a possible price for the acquisition.
If an agreement is reached, the deal would be one of the largest in the energy sector in recent years.
Baker Hughes BHI 4.22% , which has a market value of $26.1 billion, saw its share price surge 15% to $58.98 after the news broke Thursday.
Shares of Halliburton HAL 1.05% , which has a market value of $46.77 billion, are were up about 1% to $53.79 at the close of regular trading.

Both companies help oil producers with their drilling operations.

The news of the possible acquisition comes following a sharp decline in oil prices over the past few months and at a time when oil drillers may be considering cutting back on production. On Thursday, oil prices fell below $75 a barrel for the first time in four years.

In Sept., Halliburton agreed to pay $1.1 billion to settle lawsuits related to the Gulf of Mexico oil spill in 2010, which claimed 11 lives.

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