Baker Hughes Inc. said it will buy back shares and debt and simplify its organization to save $500 million annually after the collapse of a planned merger with Halliburton Co.
The third-largest oil services provider is taking steps to cut costs related to the merger agreement, Baker Hughes said in a statement Monday. On Sunday, the companies called off their $28 billion combination after stiff resistance from regulators in the U.S. and Europe over antitrust concerns. Halliburton will pay Baker Hughes a $3.5 billion termination fee by May 4.
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