Oilservice majors Halliburton and Baker Hughes shareholders approve merger
Halliburton (ticker: HAL) announced that its stockholders approved HAL’s proposal to issue shares of Halliburton common stock as contemplated by its merger agreement with Baker Hughes (ticker: BHI). Baker Hughes announced that its stockholders adopted the merger agreement and thereby approved the proposed combination of the two companies, according to a Halliburton press release.
Nearly 99% of Halliburton shares voted in favor of issuing HAL shares, while 98% of BHI shares voted in favor of the transaction, representing more than 75% of all outstanding shares in 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.”
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. The companies plan to seek out buyers for as much as $10 billion in assets in order to avoid antitrust concerns and complete their merger, sources familiar with the matter told Bloomberg.
Schlumberger and Chevron sign software collaboration agreement
Schlumberger (ticker: SLB) announced today the signing of a long-term software contract with Chevron Energy Technology Company (ETC), a division of Chevron (ticker: CVX). The new contract provides universal access to the Petrel E&P software platform across Chevron’s entire earth sciences organization, according to the press release.
In addition to the Petrel software, the contract includes a number of other software in the geological, geophysical and reservoir evaluation domains, including wellbore software, well and reservoir analysis software and an E&P data management and delivery system.
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