China approves Schlumberger-Cameron merger

Oilfield services giant Schlumberger said on Friday its acquisition of Cameron has been given the unconditional clearance by Chinese Ministry of Commerce (MOFCOM).

The MOFCOM approval was the last condition to the proposed merger valued at US$14.8 billion when revealed in August last year.

Under the merger agreement, the companies will combine in a stock and cash transaction under which Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

The U.S. Department of Justice approved the merger in November 2015, while the European Commission granted its unconditional clearance at the beginning of February 2016.

Schlumberger added in its statement that following the approval by the Chinese antitrust agency and the remaining closing conditions of the merger agreement, the transaction is expected to close on April 1, 2016.

LNG World News Staff