Jim Cramer: Halliburton Divestitures Will Help in Baker Hughes Acquisition
To satisfy regulators, Halliburton has now agreed to sell businesses that generate revenue of $7.5 billion.
Jim Cramer says last week he was very skeptical the Halliburton/Baker Hughes deal would be approved by the Justice Department because of the amount of overlap. Halliburton announced Monday that it has agreed to buy rival Baker Hughes in a stock and cash deal valued at $34.6 billion. The company has also agreed to sell businesses that generate revenue of $7.5 billion to satisfy regulators. Cramer says the deal will get done and it will create a global powerhouse equipped to go up against Schlumberger. His only concern now is that oil is still going down and it could bottom at $70. Cramer urges investors not to sell Halliburton. He says the deal will take a long time. He says David Lesar has done a remarkable job for shareholders.
