Baker Hughes to buy back stock, debt after Halliburton deal fails

Mon May 2, 2016 7:10am EDT
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May 2 (Reuters) - Baker Hughes Inc said it planned to buy back $1.5 billion of shares and $1 billion of debt, using the $3.5 billion breakup fee it is entitled to following the collapse of its proposed buyout by Halliburton Inc.

The companies announced the termination of their $28 billion deal on Sunday after opposition from U.S. and European antitrust regulators. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Shounak Dasgupta)