Schlumberger wraps up Cameron merger

Oil and gas industry service provider, Schlumberger on Friday informed its closed the merger with Cameron.

According to Schlumberger’s statement each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share.

Approximately 138 million shares have been issued by Schlumberger, pursuant to the merger, resulting in Cameron shareholders holding 10 percent of Schlumberger’s outstanding shares.

The merger received final clearance from Chinese Ministry of Commerce (MOFCOM) at the end of March. 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.

LNG World News Staff