In a major anti-trust decision Wednesday, the U.S. Justice Department is working to block a massive merger between Halliburton and Baker Hughes.
ABC’s Lana Zak reports from the White House:
Attorney General Loretta Lynch said a merger of two of the world’s largest oil providers would skew energy markets and harm American consumers…
Atty. Gen. Lynch: “The proposed merger would substantially reduce competition in 23 separate markets for oil products and services and it would turn many of those markets into non-competitive ‘duopolies'”
The combined revenues of Halliburton and Baker Hughes was nearly $40 billion dollars last year, they are pledging to fight the justice department.
Lana Zak, ABC News, White House
