Halliburton shareholders have overwhelmingly approved the company’s long-awaited merger with Baker Hughes, the Digital Journal reports. Baker Hughes also announced on Friday that its stockholders adopted the merger agreement, thereby approving the merger. Each company held their own special meetings Friday morning.
Nearly 99 percent of the shareholders at Halliburton’s special meeting voted in favor of the proposal to issue Halliburton shares. Baker Hughes shareholders also supported the merger overwhelmingly, with 98 percent of shareholders voting to approve the deal. Halliburton chairman and CEO Dave Lesar is pleased with the results and is looking forward to moving ahead.
“We are extremely pleased Halliburton and Baker Hughes stockholders have shown overwhelming support by approving the pending transaction,” Lesar said. “We are more confident than ever that this combination will create a stronger, more diverse organization with an unsurpassed depth and breadth of services benefitting our stockholders, customers, employees and other key stakeholders of both companies.”
Baker Hughes chairman and CEO Martin Craighead expressed similar emotions and says this is a massive step forward for not only the companies involved, but the global industry as a whole.
“Today’s results are an important milestone in our efforts to build a global leader in oilfield services that can deliver more benefits for customers, improved value for stockholders and more long-term opportunities for employees,” Craighead said. “We look forward to continuing to work collaboratively with Halliburton on the regulatory review process and the creation of a thoughtful integration plan that combines the best of both companies.”
The closing of the transaction is expected to occur late in the second half of 2015, and remains subject to regulatory approvals, as well as other customary closing conditions.