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0000950123-09-039877.txt : 200908310000950123-09-039877.hdr.sgml : 2009083120090831172057ACCESSION NUMBER:0000950123-09-039877CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:13FILED AS OF DATE:20090831DATE AS OF CHANGE:20090831

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:BJ SERVICES COCENTRAL INDEX KEY:0000864328STANDARD INDUSTRIAL CLASSIFICATION:OIL, GAS FIELD SERVICES, NBC [1389]IRS NUMBER:630084140STATE OF INCORPORATION:DEFISCAL YEAR END:0930

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-10570FILM NUMBER:091046801

BUSINESS ADDRESS:STREET 1:4601 WESTWAY PARK BLVDCITY:HOUSTONSTATE:TXZIP:77041BUSINESS PHONE:7134624239

MAIL ADDRESS:STREET 1:4601 WESTWAY PARK BLVDSTREET 2:4601 WESTWAY PARK BLVDCITY:HOUSTONSTATE:TXZIP:77041

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:BAKER HUGHES INCCENTRAL INDEX KEY:0000808362STANDARD INDUSTRIAL CLASSIFICATION:OIL & GAS FILED MACHINERY & EQUIPMENT [3533]IRS NUMBER:760207995STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:2929 ALLEN PARKWAYSTREET 2:SUITE 2100CITY:HOUSTONSTATE:TXZIP:77019-2118BUSINESS PHONE:7134398600

MAIL ADDRESS:STREET 1:PO BOX 4740CITY:HOUSTONSTATE:TXZIP:77210-4740

4251h67866fe425.htm425

e425

Filed by Baker Hughes Incorporated
Pursuant to Rule425 of the Securities Act of 1933, as amended, and
deemed filed pursuant to Rule14a-12 of the Securities Exchange Act of 1934, as amended
Subject Company: BJ Services Company
Commission File No: 001-10570

In connection with the proposed merger, Baker Hughes Incorporated (Baker Hughes) will file withthe Securities and Exchange Commission (the SEC) a Registration Statement on Form S-4 that willinclude a joint proxy statement of Baker Hughes and BJ Services Company (BJ Services) that alsowill constitute a prospectus of Baker Hughes regarding the proposed transaction. INVESTORS ANDSECURITY HOLDERS OF BAKER HUGHES AND BJ SERVICES ARE URGED TO CAREFULLY READ THE JOINT PROXYSTATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATIONREGARDING BAKER HUGHES, BJ SERVICES AND THE PROPOSED TRANSACTION. A definitive joint proxystatement/prospectus will be sent to security holders of Baker Hughes and BJ Services seeking theirapproval of the proposed transaction. Investors and security holders may obtain a free copy of theproxy statement/prospectus (when available) and other documents filed by Baker Hughes and BJServices with the SEC at the SECs web site at www.sec.gov.

The joint proxy statement/prospectus and such other documents (relating to Baker Hughes) may alsobe obtained from Baker Hughes for free (when available) from Baker Hughes web site atwww.bakerhughes.com/investor or by directing a request to: Baker Hughes Incorporated, 2929 AllenParkway, Suite2100, Houston, TX 77019, Attention: Corporate Secretary, or by phone at (713)439-8600. The joint proxy statement/prospectus and such other documents (relating to BJ Services)may also be obtained from BJ Services for free (when available) from BJ Services web site atwww.bjservices.com or by directing a request to: BJ Services Company, P.O. Box 4442, Houston, Texas77210-4442, Attention: Investor Relations, or by phone at (713)462-4239.

Baker Hughes, its directors, executive officers and certain members of management and employees maybe considered participants in the solicitation of proxies from Baker Hughes stockholders inconnection with the proposed transaction. Information regarding such persons and a description oftheir interests in the proposed transaction will be contained in the joint proxystatement/prospectus when it is filed with the SEC.

BJ Services, its directors, executive officers and certain members of management and employees maybe considered participants in the solicitation of proxies from BJ Services stockholders inconnection with the proposed transaction. Information regarding such persons and a description oftheir interests in the proposed transaction will be contained in the joint proxystatement/prospectus when it is filed with the SEC.

Except for the historical information set forth in this document, the matters discussed in thisdocument are forward-looking statements that involve certain assumptions and known and unknownrisks, uncertainties and other factors that could cause our actual results to differ materially.Such forward-looking statements include, but are not limited to, statements about the benefits ofthe business combination transaction involving Baker Hughes and BJ Services, including expectedfuture financial and operating results, anticipated accretion to Baker Hughes earnings per sharearising from the transaction, the expected amount and timing of cost savings and operatingsynergies, whether and when the transactions contemplated by the merger agreement will beconsummated, the new combined companys plans, market and other expectations, objectives,intentions and other statements that are not historical facts.

The following additional factors, among others, could cause actual results to differ from those setforth in the forward-looking statements: the ability to obtain regulatory approvals for thetransaction and the approval of the merger agreement by the stockholders of both parties; the riskthat the cost savings and any other synergies from the transaction may not be realized or takelonger to realize than expected; disruption from the transaction making it more difficult tomaintain relationships with customers, employees or suppliers; the ability to successfullyintegrate the businesses; unexpected costs or unexpected liabilities that may arise from thetransaction, whether or not consummated; the inability to retain key personnel; continuation ordeterioration of current market conditions; future regulatory or legislative actions that couldadversely affect the companies; and the business plans of the customers of the respective parties.Additional factors that may affect future results are contained in Baker Hughes and BJ Servicesfilings with the SEC, which are available at the SECs web site http://www.sec.gov. Except asrequired by law, neither Baker Hughes nor BJ Services intends to update or revise statements contained in these materials based on newinformation, future events or otherwise.

Baker Hughes & BJ Services

Advancing Reservoir Performance

August 2009

2

2

Information set forth in this document (and all oral statements made regarding the subjects of this document, including onthe conference call announced herein) contain "forward-looking statements" (as defined in Section 21E of the SecuritiesExchange Act of 1934, as amended), which reflect Baker Hughes' and BJ Services' expectations regarding future events.The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results todiffer materially from those contained in the forward-looking statements. Such forward-looking statements include, but arenot limited to, statements about the benefits of the business combination transaction involving Baker Hughes and BJServices, including future financial and operating results, accretion to Baker Hughes' earnings per share arising from thetransaction, the expected amount and timing of cost savings and operating synergies, whether and when the transactionscontemplated by the merger agreement will be consummated, the new combined company's plans, market and otherexpectations, objectives, intentions and other statements that are not historical facts.

The following additional factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain regulatory approvals for the transaction and the approval of the merger agreementby the stockholders of both parties; the risk that the cost savings and any other synergies from the transaction may not berealized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintainrelationships with customers, employees or suppliers; the ability to successfully integrate the businesses, unexpected costsor unexpected liabilities that may arise from the transaction, whether or not consummated; the inability to retain keypersonnel; continuation or deterioration of current market conditions; future regulatory or legislative actions that couldadversely affect the companies; and the business plans of the customers of the respective parties. Additional factors thatmay affect future results are contained in Baker Hughes' and BJ Services' filings with the Securities and ExchangeCommission ("SEC"), which are available at the SEC's web site http://www.sec.gov. Baker Hughes and BJ Servicesdisclaim any obligation to update and revise statements contained in these materials based on new information orotherwise.

Forward-Looking Statements

3

3

Baker Hughes and BJ Services will file a joint proxy statement/prospectus and other documents with the SEC.INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE JOINT PROXYSTATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANTINFORMATION REGARDING BAKER HUGHES, BJ SERVICES AND THE ACQUISITION. A definitive joint proxystatement/prospectus will be sent to security holders of Baker Hughes and BJ Services seeking their approval of theacquisition. Investors and security holders may obtain a free copy of the proxy statement/prospectus (when available) andother documents filed by Baker Hughes and BJ Services with the SEC at the SEC's web site at www.sec.gov. The proxystatement/prospectus and such other documents (relating to Baker Hughes) may also be obtained for free from BakerHughes by accessing Baker Hughes' website at www.bakerhughes.com/investor. The proxy statement/prospectus andsuch other documents (relating to BJ Services) may also be obtained for free from BJ Services by accessing BJ Services'website at www.bjservices.com.

Additional Information and Where to Find It

Baker Hughes, its directors, executive officers and certain members of management and employees may be considered"participants in the solicitation" of proxies from Baker Hughes' stockholders in connection with the acquisition. Informationregarding such persons and a description of their interests in the acquisition will be contained in the joint proxystatement/prospectus when it is filed.

BJ Services, its directors, executive officers and certain members of management and employees may be considered"participants in the solicitation" of proxies from BJ Services' stockholders in connection with the acquisition. Informationregarding such persons and a description of their interests in the acquisition will be contained in the joint proxystatement/prospectus when it is filed.

Participants in the Solicitation

4

Transaction Overview

Terms 0.400 shares of Baker Hughes and $2.69 in cash pershare of BJ Services

Approximately 117 million new BHI shares to be issued

Approximately $787 million of total cash consideration toBJ Services

Pro Forma Baker Hughes 72.5%

Ownership BJ Services 27.5%

Expected By the end of CY 2009

Closing Date

4

BJ Services Meets Our Acquisition Criteria:

Addresses gaps in our product line

Fills important pressure pumping gap

Enhances competitive position in other product lines

Advances our capabilities in the reservoir

Pressure pumping makes us more competitive for integrated operations

A technology play in key market segments

Hydraulic fracturing and acidizing

Unconventional shale gas, tight gas and oil, international opportunities

Offshore pressure pumping and sand control services

Cementing

Coiled tubing services

5

5

6

Diversified Oilfield Services Franchises

6

Sources: % of revenues from Spears, based on CY 2008 revenue. Total annual revenues are from 2008. BHI revenues are proforma.

5%

27%

Pressure Pumping

24%

39%

BJS fills gaps inBHI's productoffering

Top-Tier of the Diversified Oilfield Services Franchises

Combination adds to Baker Hughes' competitive advantages:

Critical mass in strategically key markets

Broader portfolio to provide customer solutions

More competitive in integrated operations projects and bundledservice offerings

Makes Baker Hughes more competitive with Schlumberger andHalliburton

Pro forma Baker Hughes will be ranked in the top 3 in each of themajor markets that are strategic "must-haves" for the top-tierdiversified international franchises

7

Pro Forma Income Statement and Cash Flow Items

($ in millions, except per share data)

Source: Shares outstanding per Baker Hughes and BJ Services public filings; Baker Hughes and BJ Services balance sheet data per Baker Hughes management; Baker Hughes andBJ Services estimates per Baker Hughes management; share prices as of August 28, 2009

Note: Assumes transaction close of December 31, 2009. Assumes $600mm issuance of commercial paper. Assumes $325mm of transaction / other costs. Assumes synergies of$75mm in 2010 and $150mm in 2011.

1 Cash flow defined as net income plus depreciation and amortization.

2 Includes other changes to cash such as foreign exchange rate changes.

Pro Forma Balance Sheet Items and Credit Statistics

$ in millions)

Source: Shares outstanding per Baker Hughes and BJ Services public filings; Baker Hughes and BJ Services balance sheet data per Baker Hughes management; Baker Hughes andBJ Services estimates per Baker Hughes management; share prices as of August 28, 2009

Note: Assumes transaction close of December 31, 2009. Assumes $537mm issuance of commercial paper. Assumes $325mm of transaction / other costs. Assumes synergies of$75mm in 2010 and $150mm in 2011.

Significant Cost Synergy Opportunities

Reductions of corporate overhead

Property consolidation

Rationalization of overlapping field resources

Total annual savings estimated:

$75 million in 2010

$150 million in 2011

10

10

Transaction Highlights

Combines BJS' leading pressure pumping business - and its oilfieldservices group - with Baker Hughes' diversified, international oilservices franchise

Strengthens Baker Hughes' reservoir expertise

Allows combined company to more effectively compete for integratedprojects by with hydraulic fracturing, acidizing, cementing, coiledtubing and other related services

Accelerates international growth as Baker Hughes opens doors whereBJS been less competitive as a standalone company

Cost synergies

Balance sheet expected to remain conservatively leveraged after thetransaction

11

11

12

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