Halliburton Company and Baker Hughes Incorporated today announced that, as expected, the companies have each received a request for additional information from the United States Department of Justice (“DOJ”) in connection with Halliburton’s pending acquisition of Baker Hughes.
The second requests were issued under the notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”).
The second requests are a standard part of the regulatory review process by the DOJ and were expected by Halliburton and Baker Hughes, the companies have said.
The effect of the second requests is to extend the waiting period imposed by the HSR Act until 30 days after Halliburton and Baker Hughes have substantially complied with the requests, unless that period is extended voluntarily by both parties or terminated sooner by the DOJ.
In a joint statement Halliburton and Baker Hughes have said that they are working cooperatively with the DOJ as it conducts its review of the transaction, which remains subject to shareholder and other approvals, as well as customary closing conditions.
Back in November 2014, the two companies announced a definitive agreement under which Halliburton would acquire all the outstanding shares of Baker Hughes in a stock and cash transaction.
Source: www.offshoreenergytoday.com