Federal government sues to stop merger between Halliburton, Baker Hughes

The Justice Department is suing to stop Halliburton from merging with rival Baker Hughes.

In the complaint filed today, the feds say the merger would eliminate head-to-head competition, lead to higher prices and weaken innovation in the industry.

The proposed merger is valued at nearly $35 billion, the largest oil field services acquisition ever proposed.

Both companies say they plan to fight the lawsuit.