Even though oil was on the rise, shares of Baker Hughes Incorporated BHI were trading down more than 5 percent on Tuesday. Shares of Halliburton Company HAL were trading up roughly 1.5 percent.
An article published by Reuters on Tuesday cited a source familiar with the matter that said the U.S. Justice Department will file a lawsuit to stop the Halliburton-Baker Hughes merger. The complaint could be filed as soon as this week, the source added.
The companies have been trying to strike a deal since November 2014 (or even earlier), but have not managed to overcome the regulatory hurdles they encountered. However, they had been discussing asset sales to make the deal go through.
Haliburton declined to comment.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
