REPORT: Halliburton Is Looking Into Buying Baker Hughes, Shares Spike

There may be an energy mega-deal in the works.

“Halliburton Co. is in talks to buy Baker Hughes Inc., according to people familiar with the matter,” reports the Wall Street Journal’s Dana Mattioli, Liz Hoffman and Dana Cimilluca. “Talks between the two oil-field-services companies are moving quickly, and they could reach an agreement soon, said two of the people.”

The Journal’s report made no mention of a price. However, Baker Hughes shares got as high as $US61.78, or 21% after news crossed the wires.

Halliburton is an energy industry behemoth with a market cap of $US48 billion. Baker Hughes carries a market cap of around $US22 billion.

More to come…

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.