Nov 14, 2014 10:09 PM
Baker Hughes: Halliburton aims to replace board
The Associated Press
HOUSTON (AP) Oilfield-services company Baker Hughes Inc. says rival Halliburton Co. plans to nominate candidates to replace the entire board of directors of Baker Hughes after negotiations about a possible merger stalled.
Baker Hughes said late Friday that Halliburton has refused to sweeten its first and only offer to buy its rival. Baker Hughes said it considers Halliburton's move an attempt to pressure the Baker Hughes board into accepting the deal.
Baker Hughes didn't disclose the offer's value.
The deal talks between the two Houston-based companies comes during a drop in oil prices that has hurt both companies' stock prices.
Halliburton, Baker Hughes and a third major competitor, Schlumberger Ltd., help energy companies find and extract oil and gas.
Combined, Halliburton and Baker Hughes would be slightly larger by revenue than Schlumberger.