Report: Halliburton Plans On Selling Baker Hughes' Offshore Fluids Unit

According to Bloomberg, Halliburton Company (NYSE: HAL) plans on selling Baker Hughes Incorporated (NYSE: BHI)'s offshore drilling and completions fluids division and the bulk of its completion systems to appease antitrust regulators who have yet to sign off on the $35 billion mega merger.

Bloomberg noted that the unit overlaps an already existing business line which Halliburton pledged to avoid to ease the U.S. Department of Justice's concerns that the deal will hurt competition.

The publication did however add that it is not clear at this stage how much of the new asset that Halliburton is looking to sell and the associated price tag.

Shares of Halliburton were trading lower by nearly 5 percent mid-Tuesday afternoon at $29.39 while Baker Hughes' stock was lower by around 1 percent at $42.33.