Halliburton's mega-merger with Baker Hughes is officially over
Andrew Cullen/Reuters
Halliburton oil trucks drive near the company's yard in Williston, North Dakota.
Reuters had earlier reported that the deal would be called off as soon as Monday.
"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 the conclusion that termination is the best course of action," said Halliburton CEO Dave Lesar in a statement.
The contract governing Halliburton's acquisition of Baker Hughes, which was valued at $35 billion when it was announced in November 2014, expired on Saturday without an agreement by the companies to extend it, the person told Reuters.
The source asked not to be identified because no official announcement has yet been made. Halliburton and Baker Hughes did not immediately respond to requests for comment.
In April, the Department of Justice moved to block the proposed merger, which also faced pressure from regulators in Europe.
More to come ...
(Editing by Andrew Hay)
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