Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI) will officially terminate their merger agreement on Monday after facing opposition from U.S. and European antitrust regulators, sources say.
The deal would have combined the world's No. 2 and No. 3 oil services companies
The contract governing Halliburton's acquisition of Baker Hughes, which was valued at $35B when first announced in Nov. 2014, expired on Saturday without an agreement by the companies to extend it.
Baker Hughes stands to receive a $3.5B break-up fee, which Halliburton will honor, the source says.
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