Justice says two companies crucial to U.S. energy exploration have abandoned their planned merger

Two companies crucial to the business of U.S. energy exploration have abandoned their planned $34 billion merger, according to the Justice Department.

The department filed suit April 6 to block the merger of Halliburton and Baker Hughes. It claims the transaction would unlawfully eliminate significant competition in almost two dozen markets crucial to the exploration and production of oil and natural gas in the United States.

"The companies' decision to abandon this transaction — which would have left many oilfield service markets in the hands of a duopoly — is a victory for the U.S. economy and for all Americans," Attorney General Loretta E. Lynch said.