Halliburton: Response to European Commission’s Suspension of Formal Review Period
The European Commission has requested additional information as part of its ongoing review process, and Halliburton and Baker Hughes intend to provide the additional information as expeditiously as possible. Requests for additional information are part of the usual post-filing process. The suspension of the formal review period is standard procedure where additional time is needed beyond the Commission’s deadline in order to respond fully to the Commission’s request. Halliburton has presented its divestment plan to the European Commission and will make a formal offer of remedies in the near future to address the Commission’s concerns. The companies continue to work constructively with the Commission and other competition enforcement authorities that have expressed an interest in the proposed transaction. Halliburton remains focused on closing the transaction as early as possible in 2016.
To date, the transaction has received regulatory clearances in Canada, Colombia, Ecuador, Kazakhstan, Russia, South Africa and Turkey. Halliburton and Baker Hughes remain focused on completing the regulatory approval process and closing the transaction in order to begin realizing the benefits of the combination for customers, stockholders and employees.
