Baker Hughes, BJ Services get 2nd request from DOJ

Posted In: Energy

By The Associated Press

Thursday, October 15, 2009

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Oilfield services company Baker Hughes Inc. said Thursday that federal antitrust regulators are seeking more information on its proposed $5.5 billion cash-and-stock acquisition of rival BJ Services Co.

In a statement, Baker Hughes said both companies intend to comply promptly with the request from the antitrust division of the Department of Justice.

It was the regulator's second request for information, Baker Hughes said. The two oil services companies announced the deal in August.

The combined company will provide customers with a one-stop shop for a variety of oilfield services, and allows Baker Hughes to diversify its product offering and to compete better with rivals Schlumberger Ltd. and Halliburton Co.

Shares of Baker Hughes fell 70 cents to $45.51 in morning trading. Shares of Houston-based BJ Services shares fell 27 cents to $20.52.

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