Keane, C&J merge in quest for pricing power as oil producers cut budgets

(Reuters) - Oilfield services provider Keane Group Inc will merge with rival C&J Energy Services in a $746 million (£593 million) deal, giving the companies the much-needed pricing heft in an industry grappling with budget cuts by crude producers.C&J's shares rose 16.3% to $12.47 on Monday, compared with Keane's all-stock offer of $11.29 per share based on Friday close. Keane's stock reversed course to rise 3.4% in choppy trading. U.S. oil producers are either holding back on drilling new wells..