Last week the DOJ has filed a lawsuit to stop the merger as the resultant would leave only two dominant companies in the global well drilling and oil industry construction services industry.
The equivalent of antitrust regulators in the European Union have resumed their scrutiny of U.S. oil giant Halliburton’s acquisition of Baker Hughes, a deal which their counterpart in the U.S. have termed as uncompetitive and intends to block.
Earlier last month, the European Commission had halted its investigation into the $35 billion deal, while awaiting for more detail from both companies. Now that it has resumed its investigation, it has set August 11 as the date by which it will give its verdict.
“Once the requested missing information is provided the Commission restarts the clock,” said Ricardo Cardoso, the Commission’s spokesman in an email.
Earlier, the European Commission had expressed its reservations on the deal and had commented that it is likely to reduce innovation and competition.
Halliburton has been making efforts to push the deal through and had said it is willing to sells assets from both companies, whose combined 2013 revenues amounted to $5.2 billion. It has however not followed through with this talk by making a formal offer to regulators.
Last week, the U.S Justice Department had filed a lawsuit so as to stop the $35 billion merger, saying if it were to let the deal through, it would result in there being only two dominant suppliers in twenty business lines in the global well drilling and oil industry construction services industry, with Schlumberger NV being one of the two.
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