Halliburton, Baker Hughes adopt merger agreement

  • Business & Finance

Halliburton Company has announced that its stockholders approved Halliburton’s proposal to issue shares of Halliburton common stock as contemplated by its merger agreement with Baker Hughes Incorporated.

In addition, Baker Hughes has announced that its stockholders adopted the merger agreement and thereby approved the proposed combination of the two companies. Each company’s special meeting was held on Friday, March 27.

Nearly 99% of the shares voted at Halliburton’s special meeting voted in favor of the proposal to issue Halliburton shares. Separately, more than 98% of the shares voted at Baker Hughes’ special meeting voted in favor of the transaction, representing more than 75% of all outstanding shares of Baker Hughes.

“We are extremely pleased Halliburton and Baker Hughes stockholders have shown overwhelming support by approving the pending transaction,” said Dave Lesar, chairman and chief executive officer of Halliburton. “We are more confident than ever that this combination will create a stronger, more diverse organization with an unsurpassed depth and breadth of services benefiting our stockholders, customers, employees and other key stakeholders of both companies.”

Martin Craighead, chairman and chief executive officer of Baker Hughes said, “Today’s results are an important milestone in our efforts to build a global leader in oilfield services that can deliver more benefits for customers, improved value for stockholders and more long-term opportunities for employees. We look forward to continuing to work collaboratively with Halliburton on the regulatory review process and the creation of a thoughtful integration plan that combines the best of both companies.”

According to the press release, the close of the transaction is expected to occur late in the second half of 2015, and remains subject to regulatory approvals, as well as other customary closing conditions.

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