Baker Hughes and Halliburton are tanking

Shares of Baker Hughes fell more than 12%, and Halliburton tanked more than 5%, following a Bloomberg report on Wednesday that their planned merger may be facing a roadblock.

According to Bloomberg, the pending deal is facing opposition from Justice Department lawyers, who say a merger between the second and third-largest oilfield services companies would stifle competition.

Last November, Halliburton announced it would buy its smaller rival for $US34.6 billion in cash and stock.

Baker Hughes was briefly halted. Here’s a chart showing the plunge.

And in Halliburton:

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