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News Breaks
May 9, 2014
06:12 EDTBHIBaker Hughes to host an analyst conference
Analyst Conference to be held in Tomball, TX on May 9 at 9:40 am. Webcast Link
News For BHI From The Last 14 Days
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November 17, 2014
06:56 EDTBHIHalliburton subject to $3.5B break up fee
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06:56 EDTBHIHalliburton CEO Lesar to remain CEO of combined company, board to expand to 15
The combined company will maintain the Halliburton (HAL) name and continue to be traded on the New York Stock Exchange under the ticker symbol “HAL.” The company will be headquartered in Houston, Texas. Dave Lesar will continue as chairman and CEO of the combined company. Following the completion of the transaction, the combined company’s board is expected to expand to 15 members, three of whom will come from the Board of Baker Hughes. Concurrently with the execution of the merger agreement, Halliburton withdrew its slate of directors nominated for the board of Baker Hughes.
06:52 EDTBHIBaker Hughes holders to receive 1.12 Halliburton shares plus $19.00 cash
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06:50 EDTBHIHalliburton sees nearly $2B in annual cost synergies
Dave Lesar, chairman and CEO of Halliburton (HAL) stated, "The stockholders of Baker Hughes (BHI) will immediately receive a substantial premium and have the opportunity to participate in the significant upside potential of the combined company. Our stockholders know our management team and know we live up to our commitments. We know how to create value, how to execute, and how to integrate in order to make this combination successful. We expect the combination to yield annual cost synergies of nearly $2 billion. As such, we expect that the acquisition will be accretive to Halliburton’s cash flow by the end of the first year after closing and to earnings per share by the end of the second year. We anticipate that the combined company will also generate significant free cash flow, allowing for the return of substantial capital to stockholders.”
06:47 EDTBHIHalliburton to acquire Baker Hughes for $78.62 per share
Halliburton (HAL) and Baker Hughes (BHI) announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6B and enterprise value of $38B, based on Halliburton’s closing price on November 12, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36% of the combined company. The agreement has been unanimously approved by both companies’ boards. The transaction combines two highly complementary suites of products and services into a comprehensive offering to oil and natural gas customers. On a pro-forma basis the combined company had 2013 revenues of $51.8B, more than 136,000 employees and operations in more than 80 countries around the world.
06:45 EDTBHIHalliburton, Baker Hughes reach agreement to combine
05:54 EDTBHIStocks with implied volatility movement; BHI CZR
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November 16, 2014
15:26 EDTBHIBaker Hughes, Halliburton differed on pace of deal discussions, WSJ says
Before going hostile, Halliburton (HAL) indicated it would raise its mid-October bid to buy Baker Hughes (BHI), says the Wall Street Journal. According to the Wall Street Journal report, Halliburton did not come through with an improved bid before Friday, a deadline to nominate directors to Baker Hughes’s board for the company’s annual meeting in April. According to people familiar with the matter between Oct. 13, when Halliburton made its proposal to Baker Hughes, and this past Friday, Halliburton felt Baker Hughes wasn’t engaging on the offer and Baker Hughes felt pressured by its rival to act quickly under a deadline, added the Wall Street Journal. Reference Link
November 15, 2014
08:21 EDTBHIBaker Hughes says Halliburton trying to replace entire board
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November 14, 2014
17:34 EDTBHIBaker Hughes down 2.5% to $58.41 following report that merger talks have stalled
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17:31 EDTBHIBaker Hughes, Halliburton merger talks said to stall, Bloomberg reports
A possible merger between Baker Hughes (BHI) and Halliburton (HAL) stalled due to the companies failing to agree on a price and divestiture concerns, Bloomberg reports, citing people with knowledge of the matter. Halliburton could make an unsolicited tender offer for Baker Hughes and nominate a number of directors to Baker's board instead of acquiring the company, three of the people added. Reference Link
17:27 EDTBHIBaker Hughes, Halliburton merger talks said to stall, Bloomberg reports
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16:26 EDTBHINasdaq clear leader as major averages end week higher
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13:04 EDTBHIBaker Hughes reports U.S. rig count up 3 to 1928
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10:43 EDTBHIJefferies cautious on regulatory view of potential Baker Hughes-Halliburton deal
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10:25 EDTBHIOptions with increasing implied volatility: BHI DWA ZTS
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09:16 EDTBHIOn The Fly: Pre-market Movers
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08:00 EDTBHIHalliburton, Baker deal would face 'intense' DOJ scrutiny, says Jefferies
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07:27 EDTBHIHalliburton acquisition of Baker Hughes would make sense, says Wells Fargo
After Baker Hughes (BHI) confirmed that it was in talks about selling itself to Halliburton (HAL) , Wells Fargo thinks the deal would make sense strategically, and says that a deal could be made. The firm says the deal would benefit both companies, and could be accretive for Halliburton. Wells keeps an Outperform rating on Halliburton.
06:20 EDTBHICiti sees 10% accretion if Halliburton pays $66/share for Baker Hughes
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