Baker Hughes and Halliburton are in ‘preliminary talk to a possible merger between the two oil services providers, Baker Hughes confirmed over the weekend.
“These discussions may lead to any transaction. Baker Hughes does not intend to comment further on market speculation or disclose any developments unless and until it otherwise deems further disclosure is appropriate or required,” the company said.
After rumors of the possible merger leaked recently, Baker Hughes’ stock price rose approximately 15% from US$50.98 at closing onto $58.75 . Baker Hughes’ stock is trading at $59.48 per share with news of the merger talks confirmed. Alternatively, Halliburton’s stock hasn’t risen as dramatically following the news. Halliburton’s stock was worth $53.23 per share at close on Wednesday and ended at 53.79 on Thursday after news broke. Currently, Halliburton is trading at $54.92.
Source : Independent