Halliburton, Baker Hughes merger talks still at impasse

Houston

THE standoff between Halliburton Co and Baker Hughes Inc extended over the weekend as talks remained stalled on a potential merger of the world's second and third-largest oil-field service companies.

Negotiations fell through late last week over price and potential US antitrust objections, prompting Halliburton to notify Baker Hughes on Nov 14 that it intends to conduct a proxy fight for control of the board at the April 2015 annual meeting, Baker Hughes said in a statement the same day.

Baker Hughes confirmed the takeover talks on Nov 13 after media reports of a potential deal. They collapsed a day later, and Baker Hughes released letters in which chief executive officer Martin Craighead took Halliburton CEO Dave Lesar to task for refusing to raise his offer and pressuring the company to make a hasty decision by threatening a proxy figh…