Schlumberger Ltd. (NYSE: SLB) and Cameron International Corp.'s (NYSE: CAM) proposed merger has been cleared by the U.S. Department of Justice (DOJ) without any conditions.
The $14.8 billion deal will expand Schlumberger into new territories in subsea and equipment manufacturing. It is expected to face fewer antitrust hurdles than the $35 billion merger of Halliburton Co. (NYSE: HAL) and Baker Hughes Inc. (NYSE: BHI) since Schlumberger and Cameron offer few overlapping services.
In a joint statement on Nov. 17 the companies said the DOJ has granted early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the proposed merger.
The closing of the proposed merger remains subject to approval by Cameron stockholders and the satisfaction or waiver of the other closing conditions contained in the merger agreement between Schlumberger and Cameron.
Schlumberger and Cameron expect to close the merger in the first quarter of 2016, according to the release. Until that time, Schlumberger and Cameron will continue to operate as separate and independent companies and continue to serve their respective customers.
Recommended Reading
Trillion Energy Begins SASB Revitalization Project
2024-04-15 - Trillion Energy reported 49 m of new gas pay will be perforated in four wells.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
ShearFRAC, Drill2Frac, Corva Collaborating on Fracs
2024-03-05 - Collaboration aims to standardize decision-making for frac operations.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.