Halliburton (HAL -1.2%) likely will need to sell more assets than initially planned to gain Australia's approval for its merger with Baker Hughes (BHI -0.8%), an Australian competition lawyer familiar with the case tells CTFN.
According to the lawyer, the critical issue for HAL is finding an alternate buyer that will take a bundle of divested assets to be a stronger competitor across various markets.
The Australian regulator was due to decide on the deal on Dec. 17 but delayed the decision indefinitely.
The merger also is awaiting clearance from Brazil, China, India and the European Commission.
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