ODESSA, TX (KWES) - The Department of Justice announced a potential lawsuit stemming from a potential deal where Halliburton would buy Baker Hughes.
The oil companies released a joint statement this morning.
A deal between Halliburton and Baker Hughes was agreed upon in November of 2014 for an estimated $35 billion.
The deal came together just around the time the global downturn of oil was beginning to cause a collapse in oil prices.
The DOJ says the deal would raise prices and eliminate competition in the industry.
In a statement on Halliburton's company page, both Halliburton and Baker Hughes expressed disappointment in the news saying, "The companies believe that the DOJ has reached the wrong conclusion in its assessment of the transaction and that its action is counterproductive, especially in the context of the challenges the U.S. and global energy industry are currently experiencing."
They go on to say, "Halliburton and Baker Hughes look forward to a full, impartial judicial review of the pending transaction."
Halliburton and Baker Hughes said if the review were to go past April 30, 2016, the parties may find another way to get approval or end the agreement.