The Buzz | Companies crucial to energy exploration abandon USD34b merger

Two companies crucial to the business of U.S. energy exploration have abandoned their planned USD34 billion merger, the Justice Department said yesterday.
The department filed suit April 6 to block the merger of Halliburton and Baker Hughes. It claims the transaction would unlawfully eliminate significant competition in almost two dozen markets crucial to the exploration and production of oil and natural gas in the United States.
Justice officials said the merger of Halliburton and Baker Hughes would have raised prices, decreased output and lessened innovation in at least 23 oilfield products and services critical to the nation’s energy supply.