Get Stock Quote Here Baker Hughes (BHI) is an American industrial service company, it is one of the world's largest oil field services companies. It operates in over 90 countries, providing the oil and gas industry with products and services for oil drilling, formation evaluation, completion, production and reservoir consulting. Baker Hughes has its headquarters in the America Tower in the American General Center in Neartown, Houston. In November 2014, it was announced that Baker Hughes had entered talks with Halliburton over a merger deal valued at $34.6 Billion. If carried out, it would be the largest merger in the history of the industry.
U.S. Justice Dept will sue to stop Halliburton, Baker Hughes merger The U.S. Justice Department will file a lawsuit as soon as this week to stop oilfield services provider Halliburton Co from acquiring smaller rival Baker Hughes Inc, a source familiar with the matter said on Tuesday. The antitrust lawsuit could potentially scupper the deal that was first announced in November 2014 to combine the No. 2 and No. 3 oil services companies. Since then, oil prices have fallen by more than 55 percent. Faced with opposition from the Justice Department, the companies may either cancel the planned tie-up or fight the government in court. The deal is one of several that antitrust enforcers have rejected as illegal during the recent wave of mergers of large, complex companies. Share prices for Baker Hughes closed down 5.1 percent at $39.36 Tuesday while Halliburton ended up 1.2 percent at $34.40. Halliburton and Baker Hughes both declined comment. The two sides had been discussing asset sales aimed at saving the deal, which was originally valued at $35 billion but is now valued at about $25 billion based on the decline in Halliburton shares. If the deal collapses due to antitrust concerns, Halliburton must pay Baker Hughes a $3.5 billion breakup fee, according to regulatory filings. The proposed deal also has hit headwinds in Europe, where the European Union's competition authority was concerned that the proposed merger would reduce competition and innovation in more than 30 product markets. Regulators in Australia also flagged concerns about the massive tie-up. As far back as July 2015, Reuters reported that there were concerns in the U.S. government that the merger would lead to higher prices and less innovation. The Justice Department's worry then focused on two areas. One was that the drilling technology businesses that were divested would go to small companies that could not effectively compete with the two leaders. The other was that the leaders would have less incentive to innovate. Baker Hughes in particular has been aggressive in developing new oilfield technologies, part of its appeal to Halliburton from the beginning. Baker Hughes developed smartphone apps to help customers in the field decide in real time how best to hydraulically fracture new wells. Furthermore, uniting Halliburton and Baker Hughes would create a dominant leader in North Dakota with more than half the cementing market and a leading position in fracking. Lower oil prices had given investors hope that the companies' best path forward was together, especially as demand for their products and services evaporate as customers slashed budgets. The Justice Department and Federal Trade Commission, which enforce antitrust law, have filed lawsuits to stop a surprising number of deals in the past 18 months. The FTC stopped food distribution giant Sysco Corp from buying US Foods Inc in 2015, and is currently in court fighting Staples' merger with Office Depot. The Justice Department, working with the Federal Communications Commission, stopped Comcast Corp from buying Time Warner Cable in 2015. It also stopped Electrolux from buying GE's appliance business and halted a merger of tuna sellers Bumble Bee and Thai Union, which owns Chicken of the Sea. The Justice Department also is reviewing two controversial insurance deals -- Aetna Inc's purchase of Humana and Anthem Inc's decision to buy Cigna Corp -- amid concern they would reduce the number of national insurers from five to three. LINK - http://www.reuters.com/article/us-bakerhughes-m-a-halliburton-usa-idUSKCN0X22CN
Nice pop here to new 52-week highs this morning Baker Hughes reports 3Q loss HOUSTON (AP) _ Baker Hughes Inc. (BHI) on Tuesday reported a loss of $429 million in its third quarter. The Houston-based company said it had a loss of $1 per share. Losses, adjusted for asset impairment costs and pretax expenses, were 15 cents per share. The results topped Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for a loss of 43 cents per share. The oilfield services company posted revenue of $2.35 billion in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $2.43 billion. Baker Hughes shares have increased 13 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 5 percent. The stock has fallen 6 percent in the last 12 months.
Analyst Upgrade/Downgrade Update Brokerage firm: Cowen Change: Upgrade Previous Rating: Market Perform Current Rating: Outperform Previous Price Target: $47 Current Price Target: $65
After Failed Halliburton Deal, Baker Hughes Will Merge Operations With GE http://www.investors.com/news/after...baker-hughes-will-combine-operations-with-ge/
Upcoming dividend information: Ex-Div-Date: 11/3/16 Payment Date: 11/18/16 Dividend: $0.17 Current Price: $59.12 Annual Yield: 1.15%
