Jim Cramer Comments on Possibility of DOJ Allowing Baker Hughes (BHI), Halliburton Merger

NEW YORK (TheStreet) -- Oilfield services company Baker Hughes  (BHI) confirmed Thursday it is in preliminary merger talks with rival Halliburton  (HAL) . But would the federal government allow it to happen?

TheStreet's Jim Cramer says this antitrust department has been unique in blessing so many mergers, which is why Cramer thinks Halliburton and Baker Hughes think they can "get away with" this merger. He says "get away with" because he thinks the two companies, which used to compete against each other for business, would no longer have to compete and prices for their services would rise.

Cramer says Halliburton's weak areas are Baker Hughes' strengths, and he notes that each company has been able to innovate and take business away from each other. Cramer calls them "mortal enemies" and says it's unusual to see merger talks like this.

Must Watch: Jim Cramer: 'Incredible' if DOJ Allows Baker Hughes-Halliburton Merger

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Cramer says the Department of Justice could let this deal go through even though it would be a violation of everything he's ever seen in antitrust law. He adds that if they don't, then the stocks deserve to be much lower, so he cautions investors in that regard.

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