Oil field service giants Halliburton, Baker Hughes in merger talks

New York

HALLIBURTON is in talks to buy Baker Hughes, a potential acquisition that would unite two of the biggest oil field service providers in what would be one of the largest energy deals in years, Baker Hughes confirmed.

It is not clear what price Halliburton is considering, but Baker Hughes ended trading on Wednesday with a market value of about US$25 billion. Its shares surged 20 per cent in late-afternoon trading on Thursday once The Wall Street Journal reported on the negotiations. Shares of Baker Hughes closed at US$58.75.