On August 28, oil services company Baker Hughes announced it was buying rival BJ Services in a deal worth $5.5 billion after the two companies' boards approved the deal.
"The transaction further enhances Baker Hughes' position as a top-tier global oilfield services company," said Baker Hughes chairman Chad Deaton. "Our two companies have highly complementary products and services with very little overlap," he added.
Under the deal, BJ Services stockholders would collectively own approximately 27.5% of Baker Hughes' outstanding shares.
Deaton said the deal would allow Baker Hughes "to drive international growth and to compete for the growing large integrated projects."
Copyright Agence France-Presse, 2009