Looks like these divisions will probably find a home at GE Oil and Gas
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When the deal was 1st announced I thought PP was one of the businesses that would have to be sold to gain regulatory approval as I think the combined companies would have about 1/2 the North American PP market. Is the SEC likely to not take such a position as a result of the steep decline in PP activity?
Non core was noted in a previous post as Polymers and Crop Protection businesses.
SLB will buy completions
Just curious.. What non core businesses do you think we should have dumped long ago?
These are all core businesses that fall under SEC scrutiny. Next will be none core businesses that should have been sold off long ago.
All very interesting. Curious where completions ends up.
Halliburton Co. and Baker Hughes Inc. plan to begin seeking buyers next month for as much as $10 billion in assets that cover at least four batches of overlapping business lines in order to win approval for their $34.6 billion combination from the U.S. These include Halliburton’s drill bits and directional drilling operations and Baker Hughes’s cementing division. The combined company plan to keep Inteq Drilling Services for now due to best-in-class RSS AutoTrak system. They also plan to sell a bundle of their completion-tools lines. The divestments are needed to satisfy antitrust concerns and the size could range from $7 billion to $10 billion. Halliburton’s drill-bits business, which manufactures the tips of drills for digging wells, is worth as much as $2 billion. Its drilling arm, Sperry Drilling, which uses data to track and steer the direction of drill bits, is worth up to $3 billion. Baker Hughes’s cementing arm creates the permanent structure of a well after it is carved into the rock, and could fetch about $1 billion. The completion-tools operations, which could include offshore sand control and various other gear used to finish the well before production, could sell for as much as $5 billion.