On Friday, Shares of Halliburton Company (NYSE:HAL), gain 1.39% to $38.57, after it became more likely that the the company’s $34.6 billion acquisition of Baker Hughes (BHI) will receive regulatory approval.
Schlumberger (SLB), considered the largest oilfield-service provider in the world, agreed to acquire Cameron International (CAM) on Wednesday for $14.8 billion, which shows the need for other companies to merge to compete for contracts with crude oil producers, Bloomberg reports.
“Things are not good when you see the leader becoming even further integrated,” Sachin Shah, an Albert Fried & Co. special situations and merger arbitrage strategist, told Bloomberg. “That assists Baker Hughes and Halliburton because they’re saying, ‘Look it’s not just us.’ They can’t enhance prices even if they wanted to, because look at commodity prices.”
Halliburton and Baker Hughes agreed to divest up to $7.5 billion in assets to gain approval from the Antitrust Division of the U.S. Department of Justice, Bloomberg added.
The deal is predictable to close on December 1, after the companies extended the regulatory review period last month.
Halliburton Company provides a range of services and products to the upstream oil and natural gas industry worldwide. The company operates through two segments, Completion and Production, and Drilling and Evaluation.
Shares of Staples, Inc (NASDAQ:SPLS), inclined 0.22% to $13.75, during its last trading session.
Staples, Inc, and Office Depot, Inc. (Nasdaq: ODP) declared that they have certified substantial compliance with the Request for Additional Information (the “Second Request”) from the United States Federal Trade Commission (“FTC”) regarding the projected merger between Staples and Office Depot.
Additionally, Staples and Office Depot have reached a timing agreement with the FTC following which Staples and Office Depot have agreed not to close the projected merger until at least forty-five full calendar days after each company has certified substantial compliance with the Second Request.
“We are happy to have accomplished our submission of documents and information to the FTC in connection with the Second Request,” said Ron Sargent, chairman and chief executive officer, Staples. “We will continue to work closely with the FTC, and we look forward to concluding the transaction.”
“I want to thank our teams for their hard work over the past five months gathering and delivering to the FTC a massive amount of information to complete the Second Request,” said Roland Smith, chairman and chief executive officer, Office Depot.
Staples, Inc., together with its auxiliaries, operates office products superstores. It operates through three segments: North American Stores & Online, North American Commercial, and International Operations. The company offers a range of office supplies, business technology products and services, facility and breakroom supplies, computers and mobility products, and office furniture under the Staples, Quill, and other proprietary brands.
Finally, E I Du Pont De Nemours And Co (NYSE:DD), ended its last trade with -0.38% loss, and closed at $51.82.
DuPont declared that it has named John L. Chrosniak, President, DuPont Sustainable Solutions effective Sept. 1, succeeding James R. (Jim) Weigand, who has been designated Chairman & CEO of the DuPont Teijin Films joint venture.
Chrosniak will report to Marc Doyle, senior vice president, DuPont Safety & Protection, while Weigand will report to Patrick E. Lindner, president, DuPont Performance Polymers.
“We thank Jim for his many years of leadership expanding the Sustainable Solutions business at DuPont,” said Doyle. “John brings global business experience with a proven record of success in setting strategy and direction and creating top line growth, and will make an outstanding leader at an important time for Sustainable Solutions.”
Lindner said, “Jim’s deep global leadership experience and incredibly diverse business knowledge will assist strengthen the Teijin Films joint venture worldwide.”
Chrosniak joined DuPont in 2005 and has served in leadership positions in a number of businesses, most recently in Electronics & Communications, where he served as global business director of DuPont Packaging Graphics. Preceding to DuPont, he was senior manager, Strategy & Operations Practice at Deloitte and worked with international clients across different industries. Chrosniak is a graduate of James Madison University and received his MBA from the Darden School at the University of Virginia.
E.I. du Pont de Nemours and Company operates as a science and technology based company worldwide. The company’s Agriculture segment offers corn hybrid, soybean, canola, sunflower, sorghum, inoculants, seed products, wheat, rice, herbicides, fungicides, and insecticides.
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