SHARE
Image courtesy of PROwww.GlynLowe.com/Flickr.

The European Commission has set a July deadline to approve the pending $35 billion merger between Halliburton and Baker Hughes.

According to Reuters, the regulator said it has received additional information it requested from both companies and will now issue its decision by July 11.

The approval process was halted in February after the commission asked for more information on the proposed combination.

Halliburton may also present a package of concessions to address concerns that the merger could harm competition, Reuters added.

Houston-based Halliburton agreed to acquire Baker Hughes for $34.6 billion in cash and stock in November 2014, but the deal has faced regulatory hurdles in the EU and the United States.

The deal’s timing agreement with the Antitrust Division of the Department of Justice expired in December without a settlement and without the agency filing litigation to block the deal.

The DOJ has informed the companies that it’s not satisfied that their current plans for proposed divestments address the agency’s anti-trust concerns.

The agency will continue to assess further proposals but has not commented on the matter.

The merger was initially expected to close in the second half of 2015.

When the deal was announced last year, Halliburton said it was prepared to divest from businesses that generate annual combined revenues of $7.5 billion, although it had expected regulators to require “significantly less” divestment.

Halliburton CEO and chairman Dave Lesar said in January that his company is continuing talks with competition authorities and has “offered an enhanced set of divestitures in an effort to resolve competition-related concerns as soon as possible.”

Details about any new proposed divestitures have not been disclosed yet.

The deal has already received unconditional regulatory clearances in Canada, Kazakhstan, South Africa and Turkey.