US clears oil service giant Schlumberger to buy Cameron

18th November 2015, Comments 0 comments

Schlumberger, the world's leading oilfield services company, said Wednesday it had received US regulatory clearance to acquire equipment maker Cameron.

Franco-American Schlumberger announced the deal, valued at $14.8 billion (13 billion euros), in August.

The US Department of Justice has cleared the proposed merger "without any conditions", it said.

The combined group is to offer oilfield services ranging from drilling to processing activities, and raise $900 million through synergies in its first two years.

Under the proposed deal, Cameron investors will receive $14.44 in cash and 0.716 of Schlumberger stock for each Cameron share they own.

The deal has yet to be approved by Cameron shareholders.

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© 2015 AFP

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