USA Today – by Adam Shell and Mike Snider
Halliburton (HAL), the second-largest U.S. oil services provider, said Monday it would acquire its smaller rival Baker Hughes (BHI) in a deal valued at $34.6 billion.
The two firms will combine forces in a stock-and-cash deal expected to close in the second half of 2015. The deal values each Baker Hughes share at $78.62.
Pre-market shares in Baker Hughes surged more than 16% to $69.61 on the news and were up 12% to $67.32 after the market opened — still shy of the price Halliburton offered to buy it for. Halliburton’s shares fell 9% to $50.01. Continue reading “Halliburton to buy Baker Hughes for $35B”