U.S. gives green light for Schlumberger-Cameron merger
Schlumberger, the world’s largest oilfield services provider, and Cameron International Corporation jointly announced on Tuesday that the U.S. Department of Justice has cleared their proposed merger.
The merger, announced in August 2015, was cleared without any conditions, granting 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.
According to Cameron, the special meeting of its stockholders is scheduled for December 17, 2015, during which stockholders of Cameron will consider and vote upon the proposed adoption of the agreement and plan of merger between the companies.
Subject to receipt of approval from Cameron stockholders and satisfaction or waiver of other closing conditions contained in the merger agreement, Schlumberger and Cameron say they expect to close the merger in the first quarter of 2016. Until that time, Schlumberger and Cameron will continue to operate as separate and independent companies and continue to serve their respective customers.