É oficial: a Halliburton compra Baker Hughes por $35 bilhões

Halliburton Baker


 

O Globo

Halliburton, empreiteira do setor de petróleo, compra rival Baker Hughes por US$ 34 bi

Fonte: O GLobo

NOVA YORK – A Haliburton, segunda maior fornecedora de serviços de petróleo do mundo, anunciou nesta segunda-feira que comprará a Baker Hughes, número três do mesmo setor, por US$ 34,6 bilhões. A operação é uma das maiores do setor de energia dos EUA em anos. A Haliburton ficou conhecida por ter se envolvido no vazamento gigante em um campo de petróleo da BP, em 2010.

Com o negócio, a empresa elimina uma de suas principais rivais, com o objetivo de expandir sua atuação mundial. A fusão criará uma companhia com mais da metade do tamanho da Schlumberger, líder do setor.

Segundo a Bloomberg News, o acordo deve atrair a atenção do órgão antitruste dos EUA. Para evitar problemas com os reguladores, a Halliburton concordou em vender ativos que geram cerca de US$ 7,5 bilhões em vendas.

A compra da Baker Hughes deve preencher uma lacuna no portfólio da Halliburton, que agregará a tecnologia desenvolvida pela rival na produção em poços de petróleo mais velhos.


Exame.com

Halliburton vai comprar Baker Hughes por US$ 34,6 bi

Fonte: Exame.com

Nova York – A Halliburton concordou em comprar a concorrente Baker Hughes em um negócio de ações e capital no valor de US$ 34,6 bilhões.

A oferta da Halliburton de US$ 78,62 por ação, um prêmio de 31% sobre o preço de fechamento da Baker Hughes na sexta-feira, coloca o valor da empresa em US$ 38 bilhões.

Após a conclusão do negócio, prevista para o segundo semestre de 2015, os acionistas da Baker Hughes deterão cerca de 36% da companhia combinada.

A nova empresa terá um conselho combinado de 15 membros, incluindo três da Baker Hughes.

A Halliburton pretende financiar a parte em dinheiro da aquisição através de uma combinação de capital em caixa e financiamento da dívida totalmente comprometida.

Se exigido pelos reguladores, a Halliburton alienará negócios que geram até US$ 7,5 bilhões em receitas e vai pagar uma taxa de rescisão de US$ 3,5 bilhões se a operação fracassar devido a problemas de regulamentação.


Uma matéria mais completa, em inglês, publicada por Joseph Triepke, na rede social OilPro:

Joseph Triepke

IT’S OFFICIAL: Halliburton Buys Baker Hughes For $35 Billion

Fonte: Joseph Triepke  at OilPro

It will go down as the largest deal in the history of the oil service industry. It will profoundly impact the landscape in the oilfield, particularly in North America. It is a transformative deal that no one saw coming just several weeks ago. It is happening.

This morning, Halliburton and Baker Hughes announced an agreement whereby Halliburton will purchase all the outstanding shares of Baker Hughes in a stock and cash transaction.

The deal is expected to close in 2H15, and the companies have retained a high-profile antitrust attorney to help navigate what will no doubt be intense regulatory scrutiny. Halliburton has agreed to pay a fee of $3.5 billion if the transaction doesn’t go through because of antitrust issues. The size of the break-up fee shows management’s confidence in the deal’s ability to close.

Last Thursday, news of fast moving deal talks between the two oil service giants leaked to the press. Then talks stalled and a hostile takeover seemed possible as the two disagreed on valuation, and Halliburton moved to overturn Baker Hughes’ board. But working through the weekend, it turns out that the differences were not irreconcilable, and the management teams have agreed on a deal that will combine the two firms.

Unanimous Approval Creates A New Oil Service Bellwether

Unanimously approved by both boards of directors, the deal values Baker Hughes shares at $78.62. This is a 54% premium to Baker’s share price before the deal talks leaked, and a 31% premium to where shares were trading after the leak. It is even a 4% premium to where Baker’s shares were trading this summer, which was near a multi-year high for the company’s stock.

The combined market value of the two companies is just over $80bn. On a pro-forma basis the combined company had 2013 revenues of $51.8 billion, more than 136,000 employees and operations in more than 80 countries around the world. Schlumberger by comparison has a market value of $123bn, $45bn in 2013 revenue, and 123,000 employees.

The deal rationale is powerful, and shareholders will likely welcome the deal. Baker Hughes shareholders will own 36% of the combined company, and so participate in the upside of combined operations.

Halliburton CEO Dave Lesar said: “We know how to create value, how to execute, and how to integrate in order to make this combination successful. We expect the combination to yield annual cost synergies of nearly $2 billion.”

Implications For Employees And Customers

With all of the $2bn in synergies discussed in the deal coming from cost savings, a key concern for all of the employees of both companies is retention. It is too early to say what the combined company’s headcount will be, but cost savings certainly anticipate some elimination of overlap.

Regarding retention, Halliburton CEO Dave Lesar offered these comments this morning: “Halliburton alone is hiring 21,000 people this year. Both companies are growing, and this growth creates opportunities for talent. We will use the transition to provide opportunities to the talent within the organizations, and this combination will make the company a place where people are going to want to work.”

See a detailed analysis of the deal implications >>

Another group of stakeholders that will have keen interest in this deal is customers (the E&Ps). This deal effectively turns the Big 4 service companies into the Big 2, and critics will bemoan the competitive implications. However, we’d argue that in today’s environment of more complex resource plays (shale, deepwater, and mature fields), having a few “Apples” of oil service (that is large, integrated, innovative companies) will prove to be more valuable to the E&P industry than a fragmented group of discrete service suppliers competing on price.

Regarding customers, Halliburton CEO Dave Lesar says, “Customers always will manage to develop competition among the services industry. By combining product lines together, we can help drive the cost per boe down for customers. It is a great outcome for customers, and they will realize that. We will start an outreach to our customers today. We are confident we can lower their costs. There won’t be any renegotiation of existing contracts due to this deal.”


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