Halliburton, Baker Hughes call off $35B merger

Halliburton and Baker Hughes have called off a planned $35 billion merger, citing difficulties in obtaining approval from regulators as well as sharply lower energy prices.

The two major oil services companies yesterday announced the cancellation of the deal that would have combined the two Houston, Texas-based companies.

“While both companies expected the proposed merger to result in compelling benefits to shareholders, customers and other stakeholders, challenges in obtaining remaining regulatory approvals and general industry conditions that severely damaged deal economics led to the conclusion that termination is the best course of action," Halliburton Chairman and CEO Dave Lesar said in a statement.

Read more from The New York Times.