Halliburton incurs significant financial liability from failed acquisition of Baker Hughes
In 2014, Halliburton announced plans to acquire Baker Hughes Company (Baker Hughes) for $34.6 billion. The business combination was set to form the largest oil service field company in the world. Given the perceived threat of the transaction elimination fair competition within the industry, the United States Department of Justice filed an antitrust lawsuit in 2016 challenging and ultimately blocking the takeover. Halliburton was forced to scrap the deal and incur $4.1 billion in financial penalties, including a $3.5 billion termination fee paid to Baker Hughes and $464.0 million of charges from the reversal of assets held for sale.
COVID|Structural|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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