David M.b.a. on M&A rationale
From Halliburton CEO Dave Lesar on CNBC discussing the Baker deal · · Caraota Frita
“It was not oil price driven. It was the right time to put these companies together. I believe stronger is better. We'll be a bigger company, we'll have more product lines, we'll have more technology, we've got about 140,000 employees. So I don't care what the market throws at us, we're going to be in good shape.”
On , David M.b.a., Former Chairman & Chief Executive Officer at Halliburton, spoke about M&A rationale during Halliburton CEO Dave Lesar on CNBC discussing the Baker deal on Caraota Frita.
About David M.b.a.
In a November 2014 CNBC interview, Halliburton CEO Dave Lesar discussed the company's proposed acquisition of Baker Hughes. Lesar described the deal as a long-term strategy, stating the combined company would be "a fantastic company with great people, great technology, and a great US company that's going to make a lot of jobs." He said feedback from customers, particularly national oil companies, had been "unanimous" and positive, and that he had received inquiries from private equity and other companies interested in potential assets that might be divested. Lesar also said Halliburton was "laser focused on returns to shareholders" and would use divestiture proceeds for share buybacks. Lesar also addressed the impact of lower oil prices on the industry. He said volatility was harmful, but that the industry could adapt if prices "settle into a range and stay there for a while." He noted that Halliburton was hiring 21,000 people that year and that the combination with Baker Hughes would expand career opportunities. Lesar added that the U.S. unconventional oil and gas sector was providing energy independence, creating jobs, and developing technology, which he described as "fantastic for the US in the long run."