	hughes tool ht board approves merger hughes tool co said its board voted at a special meeting last night to approve a new agreement with regulators that would allow the company to complete its proposed merger with baker international corp bko the agreement approved by the u s department of justice yesterday will give the merged company baker hughes six months instead of three to sell certain assets the pact also allows a three month extension if warranted and limits the obligation of the new company to give financial support to the businesses to be divested pending their sale the company said its board recommended that shareholders approve the merger of the oilfield service companies a previously adjourned meeting of hughes tool stockholders will be resumed this afternoon it said hughes will work with baker and the justice department towards negotiating the final form of the consent decree and filing it as soon as possible the company said in a statement closing of the merger would occur immediately after the filing it said the assets to be sold under the consent decree consist of baker s domestic oilfield drilling bit business and its domestic submersible electric pump business baker has an agreement to sell the pump business to trico industries inc tro the financial terms of the merger are unchanged a hughes spokesman said under those terms each baker common share and hughes common share would be converted into one share and of a share respectively of baker hughes inc which would be formed as a new holding company reuter 
