Jurisdiction(s):
United Kingdom

Key definition

Abandonment definition

What does Abandonment mean? Abandonment describes, in pensions practice, steps by an employer to sever or materially reduce its ongoing support for an occupational pension scheme—typically a defined benefit (DB) scheme—so the scheme becomes effectively independent of its sponsor (for example, by removing or replacing the statutory employer with a weak vehicle, leaving no meaningful employer covenant). The term is not defined in legislation or case law; it is a descriptive expression used in regulatory guidance and practitioner discourse. Across England & Wales, Scotland and Northern Ireland, such activity engages The Pensions Regulator’s anti-avoidance regime and may warrant seeking clearance. TPR can issue...

European Commission merger case: Halliburton/Baker Hughes (M.7477) - 'three-to-two' oilfield services deal abandoned following Phase II concerns (archived, May 2016)

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED – this archived case hub sets out the position as at the date the transaction was abandoned on 2 May 2016; it is no longer being maintained

Case facts Outline

European Commission merger inquiry into the intended Acquisition by Halliburton of Baker Hughes (Case M.7477). The deal featured horizontal overlaps concerning the supply of oilfield services.

Latest developments

On 1 May 2016, the parties announced that they had abandoned the transaction, and the Notification was withdrawn on 2 May 2016.

Parties

Halliburton, a US company based in Houston, Texas and quoted on the New York Stock Exchange. Founded in 1919, it is among the largest providers of products and services to the global energy sector, with over 80,000 employees active in more than 80 countries.
Baker Hughes, a US company headquartered in Houston, Texas and listed on the New York Stock Exchange. Formed through the merger of Baker International and Hughes Tool Company, it is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry, with more than 46,000 employees operating in over 80 countries.

Background

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Web page updated on 21/05/2026

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