On May 27, Baker Hughes declined 5.31% in regular trading, trading at $63.18/share, with trading volume of approximately $171 million. The decline came amid broad weakness across the Oil & Gas Equipment & Services sector and continued uncertainty surrounding EU antitrust review of the company's proposed $13.6 billion acquisition of Chart Industries.
EU antitrust regulators are set to decide by June 26 whether to approve or open a deeper investigation into Baker Hughes' proposed acquisition of Chart Industries. The deal, announced in July last year, is intended to expand Baker Hughes' presence in industrial technology, including services tied to liquefied natural gas and data center infrastructure. The European Commission can approve the transaction with or without conditions, or escalate the review if it identifies potential antitrust concerns, adding regulatory overhang to the stock.
Within the Oil & Gas Equipment & Services sector, broad selling pressure was evident. Among individual stocks, SLB Ltd down 3.17%, Halliburton down 3.21%, TechnipFMC down 6.16%, Tenaris down 3.14%, Weatherford International down 0.85%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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