Halliburton and Baker Hughes scrap US$28b merger

New York

OILFIELD services provider Halliburton Co and smaller rival Baker Hughes Inc announced the termination of their US$28 billion merger deal on Sunday after opposition from US and European antitrust regulators.

The tie-up would have brought together the world's No 2 and No 3 oil services companies, raising concerns that it would result in higher prices in the sector. It is the latest example of a large merger deal failing to make it to the finish line because of antitrust hurdles.