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The
European Commission has been reviewing the proposed tie-up of
the No. 2 and No. 3 players since Nov. 27 when Halliburton
refiled a request for approval after an earlier application was
dismissed as providing insufficient data.
The preliminary scrutiny is scheduled to end on Jan. 12.
The so-called state of play meeting is scheduled for late next
week. Such events, which usually take place at the end of the
third week of the Commission's preliminary scrutiny, are
typically an opportunity for the enforcer to set out potential
problems arising from merger deals.
They also ratchet up the pressure on companies to offer
concessions or face a lengthy investigation which could last
five months or more.
Halliburton has already agreed to divest $5.2 billion in
overlapping businesses to quell concerns the merger would lead
to higher prices and less innovation. It is prepared to sell
businesses with total revenues of $7.5 billion.
Commission spokesman Ricardo Cardoso, Baker Hughes spokeswoman
Erica Shillings Bundick and Halliburton spokeswoman Emily Mir
declined to comment.
U.S. antitrust authorities are also looking into the deal which
has already been cleared in Canada, Kazakhstan, South Africa,
Colombia and Turkey. Decisions from Australia and Brazil are
pending.
(Reporting by Foo Yun Chee; Editing by Alastair Macdonald and
Ruth Pitchford)
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