NEW YORK (TheStreet) -- Shares of Baker Hughes (BHI) are down by 5.47% to $39.74 on Monday afternoon, as Halliburton (HAL) increased its list of assets to sell as it attempts to convince regulators its acquisition of the company won't hinder competition.
Houston-based Halliburton presented "an enhanced set of proposed divestitures" to the U.S. Department of Justice earlier this month, CEO Dave Lesar said on a post-earnings call this morning, Reuters reports.
He did not say what the company would divest, but that it was talking to interested buyers.
Halliburton also informally notified the European Commission and other jurisdictions of the new assets it plans to sell, Lesar added.
The European Commission said in mid-January that it was worried about the possible loss of competition if the two oil service giants were to combine, Bloomberg noted.
"There is no agreement to date with the DOJ or EC as to the adequacy of the proposed divestitures," Lesar said on the conference call. "We remain committed to seeing this deal through, despite the extended time required to obtain regulatory approvals."
Divestures could total as much as $10 billion on a 2013 basis, according to Evercore ISI analyst James West, Reuters added.
Shares of Halliburton are decreasing by 2.37% to $29.47 on Monday afternoon.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that the team has evaluated. At the same time, however, the team also finds weaknesses including disappointing return on equity, poor profit margins and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BHI