Halliburton buys oilfield rival Baker Hughes for $34B
Cash-and-stock deal comes after Halliburton prepared to go hostile with its takeover bid
The deal comes shortly after talks had stalled and Halliburton prepared to go hostile with its takeover bid.
The transaction is valued at $78.62 per Baker Hughes Inc. share, a 31 per cent premium to its Friday closing price of $59.89. Baker Hughes shareholders will receive 1.12 Halliburton shares plus $19.00 in cash for each share they own.
The companies put the deal's enterprise value at about $38 billion.
The boards of both Houston companies approved the deal unanimously and it's targeted to close in the second half of 2015. Shareholders and regulators must still sign off on the tie-up.
Baker Hughes's stock rose more than 16 per cent in Monday pre-market trading.
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- November 17, 2014
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