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KLA-Tencor and Lam Research to terminate merger

KLA-Tencor and Lam Research announced on Wednesday that they are terminating their proposed merger.

The companies said the decision comes after the Department of Justice advised them that it would not continue with a consent decree that they had been negotiating.

The stocks were halted for news pending around 5:55 p.m. ET and resumed trading around 6:30 p.m. ET.

Shares of Lam Research fell more than 2 percent in extended trading, while KLA-Tencor shares fell nearly 5 percent.