Halliburton and Baker Hughes Announce Termination of Merger Agreement
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Baker Hughes (BHI) Announces Cost-Cutting, Business Simplification Plans; Approves $1.5B Stock Buyback
May 2, 2016 7:02 AM EDTFollowing the termination of its merger agreement, Baker Hughes Incorporated (NYSE: BHI) outlined a series of actions to reduce costs and simplify its business, enhance its commercial strategy, and optimize its capital structure.
The steps are intended to strengthen the company's competitive position, financial performance and shareholder returns during the ongoing industry challenges of today and for the additional opportunities that will be available when the market recovers.
Baker Hughes Chairman and CEO Martin Craighead said that the company is well positioned to build on its heritage as a product innovator,... More
