Oil service companies Halliburton and Baker Hughes have called off their attempted merger, in response to opposition from both US and European antitrust regulators. The Suriname Desk of VanEps Kunneman VanDoorne advised Halliburton regarding the local Suriname aspects of this attempted acquisition, being instructed by fellow Lex Mundi member Baker Botts. Partner Molly Steward led the team, assisted by partner Randolph van Eps and junior associate Brian Zending.
The contract governing Halliburton’s acquisition of Baker Hughes was valued at USD 34.6bln when it was announced in November 2014, and was now worth approximately USD 28bln. Halliburton will pay Baker Hughes a USD 3.5bln breakup fee.