Traders willing to bet the biggest oil-services deal can survive regulatory scrutiny stand to rake in more than $3 billion in profit.
Baker Hughes Inc. shares closed on Thursday at $53.75. That’s about $8 below Halliburton Co.’s cash-and-stock offer.
It’s a pretty wide gap — about twice as wide as the average spread for proposed and pending North American deals of more than $1 billion. And it’s understandable, because if the deal is blocked, Baker Hughes would have a long way to fall given the rout in oil — as much as 35 percent, by some counts. But the merger has a good chance of ultimately getting done, even if the companies have to jump through a few hoops to get there, said Keith Moore of FBN Securities.
Working in the $30 billion deal’s favor, both Halliburton and Baker Hughes are committed to divest as much as $7.5 billion in assets, and there are a multitude of buyers that will be interested in those high-quality businesses. Bidders may include $16 billion equipment-maker National Oilwell Varco Inc. and $7 billion Weatherford International Plc, along with industrial giantsSiemens AG and General Electric Co.
Brazil Energy Insight 
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