Halliburton Bid for Baker Hughes in Limbo as U.S. Deadline Looms

Halliburton Co.’s takeover bid for Baker Hughes Inc. has come down to the wire with the U.S. Justice Department, which may decide by next week whether to approve the deal after months of negotiations.

Halliburton has presented a package of proposed asset sales to antitrust officials in hopes of allaying their concerns that the tie-up between the No. 2 and No. 3 players in the oil-services industry would be anticompetitive. A recent meeting was held with Bill Baer, the head of the Justice Department’s antitrust division, who will make the final decision, said a person familiar with the discussions. The meeting is a sign the review is drawing to a close.

The companies don’t know whether the government will accept their proposals or file a lawsuit to block the deal, the person said. Both sides could agree to continue discussions beyond the Dec. 15 deadline, but hadn’t negotiated an extension as of late this week, the person said.