– Britain’s competitors watchdog stated on Tuesday U.S.-listed oilfield companies agency Baker Hughes Co’s acquisition of Altus Intervention may scale back competitors amongst UK oil and gasoline operators.
The Competitors and Markets Authority (CMA) stated it was involved that the lack of rivalry between the merging firms may result in greater costs, diminished alternative and decrease high quality companies for companies within the UK that buy coiled tubing and pumping companies.
Within the UK, each Baker Hughes and Altus provide varied nicely intervention companies – important companies utilized by oil and gasoline operators to handle nicely manufacturing.
Baker Hughes stated it was reviewing the regulator’s findings and would work constructively with the CMA.
The U.S. firm added that the regulator had not questioned the deal rationale however solely highlighted overlapping companies within the areas of coil tubing and pumping companies within the UK.
Altus didn't instantly reply to a Reuters request for remark.
The CMA stated its Section 1 investigation discovered that Baker Hughes would face competitors from just one main provider – Halliburton – after the deal between the 2 largest suppliers of each coiled tubing and pumping companies within the UK.
The regulator stated Baker Hughes and Altus have 5 working days to submit proposals to handle its issues, in any other case the watchdog will refer the deal to an in-depth Section 2 probe.
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