Schlumberger-Cameron Merger Gets European Commission Approval

(RTTNews) - Schlumberger Limited (SLB) and Cameron International Corp. (CAM) announced that the European Commission has cleared their proposed merger without any conditions following a Phase 1 review.

As previously announced, the U.S. Department of Justice cleared the proposed merger in November 2015 without any conditions; Cameron stockholders voted on December 17 to adopt the merger agreement between Schlumberger and Cameron; and antitrust clearances have been obtained in Canada, Brazil, Russia, and Mexico.

Under the terms of the merger agreement, Schlumberger and Cameron only await regulatory approval from the Ministry of Commerce of the People's Republic of China. The Chinese authorities started their 30-day Phase 1 review process on February 4, 2016.

The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement. Schlumberger and Cameron expect to close the merger in the first quarter of 2016.

In August 2015, Oilfield services provider Schlumberger and Cameron International Corp. announced a definitive merger agreement worth $66.36 per Cameron share, in a stock and cash transaction carrying total value of $14.8 billion.