Halliburton to buy Baker Hughes for $34.6 billion

Reuters News
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Posted: Nov 17, 2014 6:57 AM

(Reuters) - Halliburton Co <HAL.N>, the world's second-largest oilfield services provider, said it would buy smaller rival Baker Hughes Inc <BHI.N> for about $34.6 billion in cash and stock.

Halliburton said the offer was worth $78.62 per Baker Hughes share, based on Halliburton's closing on Nov. 12.

The offer is a 31 percent premium to Baker Hughes' Friday close on the New York Stock Exchange.

(Reporting by Swetha Gopinath in Bangalore; Editing by Savio D'Souza)