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Halliburton-Baker Hughes deal ‘not fixable’

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Ed Crooks and James Fontanella-Khan in New York

Halliburton’s failed $28bn bid for rival Baker Hughes, which was abandoned by the two companies on Sunday, faced insurmountable objections from competition regulators, the US Department of Justice has said. The US administration’s tough stance raises questions over Halliburton’s pursuit of Baker Hughes, and in particular over its promise during the takeover talks in November 2014 to pay a $3.5bn break fee if the deal collapsed.

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