Cameron shareholders all in for Schlumberger merger
- Business & Finance
U.S. oilfield systems provider Cameron has informed that its stockholders have voted in favor of the proposed merger deal with Schlumberger, world’s largest oilfield services company.
Cameron said that at a special meeting Thursday, the stockholders “overwhelmingly” voted to adopt the previously announced merger agreement providing for the acquisition of Cameron by a wholly owned subsidiary of Schlumberger Limited.
Upon completion of the transaction, each share of Cameron common stock will convert into the right to receive 0.716 shares of common stock of Schlumberger Limited and a cash payment of $14.44.
“We are pleased that our stockholders have clearly recognized and endorsed the significant value generated by this transaction,” said Scott Rowe, President and Chief Executive Officer of Cameron. “The combination of the two organizations will create a premier oilfield equipment and services company uniquely positioned to deliver superior value to the industry.”
The proposed agreement has been cleared by the U.S. Department of Justice, which last month 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 transaction remains subject to regulatory approvals and customary closing conditions, and the companies expect the acquisition will close in the first quarter of 2016.