U.S. Department of Justice clears Schlumberger and Cameron merger

Mergers and takeovers - concept
Source: DollarPhotoClub

Schlumberger, the world’s largest oilfield company, and Cameron International Corporation jointly announced on Tuesday that the U.S. Department of Justice has cleared their proposed merger 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. As previously announced by Cameron, the special meeting of stockholders of Cameron 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 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.

In a separate development, Schlumberger announced on Sunday the acquisition of Fluid Inclusion Technologies, Inc. (FIT), a US-based oil and gas service company specializing in laboratory analysis of trapped fluids in rock material, and advanced borehole gas analysis on drilling wells.

FIT was established in 1997 and is based in Tulsa, Oklahoma. This is the second Schlumberger acquisition focused on petroleum geochemistry and integrated laboratory services. In 2013, Schlumberger acquired Gushor Inc. based in Canada. Schlumberger operates more than 20 rock and fluids analysis laboratories globally.

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