* U.S. DOJ yet to approve the merger deal
* Stockholders meet on March 19
* Co. says matters may not be settled before March 19
(Adds details)
March 15 (Reuters) - U.S. oilfield services company Baker Hughes Inc said it has yet to receive approval from the anti-trust division of the U.S. Department of Justice for its proposed acquisition of rival BJ Services Co.
In August, Baker Hughes said it would buy smaller peer BJ Services for $4.8 billion to create a one-stop shopping destination for all its oil and gas-producing customers, and better take on the industry leaders.
The U.S. justice department has raised issues with regard to the overlap between the stimulation and sand control businesses of Baker Hughes and BJ Services in the Gulf of Mexico, the company said in a statement early on Monday.
Both companies have already mailed a joint proxy statement to their stockholders for meetings to be held on March 19, 2010, to approve the merger.
Baker Hughes said there was a significant likelihood all matters would not be finalized before the meeting and if the issues were not settled before March 19, the meeting was expected to be postponed.
Baker Hughes said it will disclose the final resolution with the DOJ prior to the meeting date.
Both companies do not expect any resolution to be material to the business or financial performance of the combined company following the merger, Baker Hughes said.
(Reporting by Sakthi Prasad in Bangalore; Editing by Valerie Lee) Keywords: BAKERHUGHES/BJSERVICES (sakthi.prasad@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sakthi.prasad.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Stockholders meet on March 19
* Co. says matters may not be settled before March 19
(Adds details)
March 15 (Reuters) - U.S. oilfield services company Baker Hughes Inc said it has yet to receive approval from the anti-trust division of the U.S. Department of Justice for its proposed acquisition of rival BJ Services Co.
In August, Baker Hughes said it would buy smaller peer BJ Services for $4.8 billion to create a one-stop shopping destination for all its oil and gas-producing customers, and better take on the industry leaders.
The U.S. justice department has raised issues with regard to the overlap between the stimulation and sand control businesses of Baker Hughes and BJ Services in the Gulf of Mexico, the company said in a statement early on Monday.
Both companies have already mailed a joint proxy statement to their stockholders for meetings to be held on March 19, 2010, to approve the merger.
Baker Hughes said there was a significant likelihood all matters would not be finalized before the meeting and if the issues were not settled before March 19, the meeting was expected to be postponed.
Baker Hughes said it will disclose the final resolution with the DOJ prior to the meeting date.
Both companies do not expect any resolution to be material to the business or financial performance of the combined company following the merger, Baker Hughes said.
(Reporting by Sakthi Prasad in Bangalore; Editing by Valerie Lee) Keywords: BAKERHUGHES/BJSERVICES (sakthi.prasad@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sakthi.prasad.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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