Poor timing. Bad decision to acquire Baker on the start of one of the worst down cycles the industry has ever seen. Halliburton/Baker will be a battered and beat down companies.
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HAL and BHI are merging BECAUSE of the weak oil market. The MBA spreadsheet jockeys are trying to delay the Titanic long enough so more exec options vest and they can squeeze out some more stock buybacks to juice the stock above the option strike prices
Deal is so dead
Soft skill powerpoint and excell jockies to the rescue
Yes why the big rush to acquire Baker. Halliburton is in a very bad postion with this market today. And Baker trimmed down to scraps.
Halliburton will take a long time to recover. If ever.Just look at the stock price.
It was nearly a hostile takeover of BHI by HAL, why would they have done that?
Worse yet, BHI should have unloaded non core businesses before any merger announcement. Now HAL will inherit low value stuff that has no relation to core oil services.
Things may have gone smoother for them if the assets to be divested were in better shape. However as we all know Sperry was terribly managed and was such a mess that nobody was willing to buy.
Maybe time to access upper management!