Justice Dept. OKs Halliburton-Dresser Merger

Halliburton Co. completed its acquisition of fellow Dallas-based oil service firm Dresser Industries Inc. after the deal cleared its final regulatory hurdle. The Justice Department gave its approval of the $7.7-billion merger after Halliburton agreed to sell a drilling data corporation that had worldwide revenue of less than $50 million in 1997. Halliburton and Dresser had combined revenue of $16.3 billion in 1997. Halliburton also said it will take a one-time pretax charge of about $900 million against its third-quarter earnings for consolidation, restructuring and merger-related expenses. Additional merger-related expenses may be incurred in the future, it said. A company spokesman said Halliburton expected to report a third-quarter profit excluding the charge, but would not provide further projections. Halliburton’s shares rose $1.06 to close at $30.50 on the NYSE.