Market Overview

Halliburton CEO To Employees: 'The DOJ Has Reached The Wrong Conclusion'

Halliburton CEO To Employees: 'The DOJ Has Reached The Wrong Conclusion'

Halliburton Company (NYSE: HAL)'s CEO Dave Lesar wrote a letter to all employees of the company after the Department of Justice confirmed it will file suit to block the proposed merger with Baker Hughes Incorporated (NYSE: BHI).

Lesar wrote in his letter that Halliburton and Baker Hughes will "vigorously" contest the DOJ's action and believe that the DOJ "has reached the wrong conclusion in its assessment of the transaction." The executive added that the DOJ's actions are also "counterproductive" given the ongoing challenges of the U.S. and global energy markets.

Related Link: It's Official: DoJ Will File Suit To Block Baker Hughes-Halliburton Merger

"We believe that the proposed merger of Halliburton and Baker Hughes is pro-competitive and will allow the companies' customers to benefit from a more flexible, innovative and efficient oilfield services company," Lesar also wrote. "The transaction will give customers access to high-quality and more-efficient products and services, and an opportunity to reduce their cost per barrel of oil equivalent."

Lesar also stated that Halliburton and Baker Hughes plan on demonstrating to the DOJ the "many benefits" of the proposed combination and the "sufficiency" of the proposed divestment of assets.

"While we are disappointed the DOJ has chosen to file suit to attempt to block our pending acquisition of Baker Hughes, this decision does not diminish our confidence that the combined company will be a stronger and more diverse organization, with the resources to better serve our valued customers well into the future," Lesar concluded.

Image Credit: Public Domain

Posted-In: Dave Lesar Department of JusticeM&A News Commodities Legal Markets Trading Ideas Best of Benzinga


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