"Halliburton and Baker Hughes Call Off $35 Billion Merger"

"LONDON — Halliburton and Baker Hughes, two major oil services companies, have called off their planned $35 billion merger, citing difficulties in obtaining approval from regulators as well as sharply lower energy prices.

The companies said on Sunday that they would abandon the deal, which would have united two Houston-based companies looking to compete better with Schlumberger, the industry leader by far.

The announcement of the deal in November was met with skepticism from analysts, who expressed concern about the consolidation it would bring to the industry, fears that were realized when the Justice Department, the European Commission and others raised antitrust worries."

Prashant S. Rao reports for the New York Times May 2, 2016.