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Halliburton corporate headquarters in Houston. (Image via Wikipedia)

US to try to block Halliburton from buying rival

WASHINGTON (AP) — The Justice Department is expected to sue this week to stop Halliburton from acquiring Baker Hughes, according to a person familiar with the matter.

The person spoke on condition of anonymity Tuesday because the lawsuit had not yet been announced.

Halliburton and Baker Hughes help oil and natural companies by doing much of the actual drilling work for them. They announced in November 2014 that they planned to combine in a $35 billion deal that would create a bigger rival to Schlumberger Ltd., the world’s largest oilfield-services provider.

The deal came together as the global oversupply of oil was beginning to cause a collapse in prices. The glut has slowed demand for drilling services and crushed the stock price of both companies.

In related news, U.S. regulators seek more concessions to OK Halliburton-Baker Hughes deal.

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