U.S. sues to stop oilfield firms deal

The U.S. Justice Department has sued to stop Halliburton Co. from acquiring oilfield services rival Baker Hughes Inc., saying the deal would eliminate headto-head competition and harm consumers. The proposed transaction, valued at nearly $35 billion, would combine two of the world’s three leading providers of those services to oil and gas companies and create a bigger rival to the industry leader, Schlumberger Ltd. The Justice Department, in its complaint, warned the proposed consolidation would lead to higher prices and stifle innovation. Halliburton and Baker Hughes, in a joint statement Wednesday, called the deal “pro-competitive” and said customers would benefit.