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Halliburton buys rival in mega deal

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Halliburton said Monday it will spend $34.6 billion to acquire rival Baker Hughes.

The deal between the second- and third-largest companies in the industry would form a 136,000-employee firm, according to CNNMoney.

The merger would allow the companies to cut annual costs to the tune of nearly $2 billion.

Read more from CNNMoney.

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