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U.s. Sues Valueact Over Halliburton-baker Hughes Deal Disclosures

Source: thewillnigeria.com
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The U.S. Department of Justice said it had sued activist investor ValueAct Capital for violating pre-merger notification requirements related to oilfield service provider Halliburton Co’s (HAL.N) deal to buy rival Baker Hughes Inc (BHI.N).

The lawsuit, which says ValueAct used its access to senior Halliburton and Baker Hughes executives to formulate merger and other strategies, said a civil penalty of “at least $19 million” was appropriate.

Halliburton is awaiting regulatory approval for the acquisition, which was worth $35 billion when it was announced in November 2014.

REUTERS