Schlumberger-Cameron Merger Receives Unconditional Clearance from European Commission
HOUSTON –Â Schlumberger Limited (NYSE: SLB) and Cameron International Corporation (NYSE: CAM) jointly announced today that the European Commission has cleared their proposed merger without any conditions following a Phase 1 review.
As previously announced, the U.S. Department of Justice cleared the proposed merger in November 2015 without any conditions; Cameron stockholders voted on December 17 to adopt the merger agreement between Schlumberger and Cameron; and antitrust clearances have been obtained in Canada, Brazil, Russia and Mexico.
Under the terms of the merger agreement, Schlumberger and Cameron only await regulatory approval from the Ministry of Commerce of the Peoples' Republic of China. The Chinese authorities started their 30-day Phase 1 review process on February 4, 2016.
The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement. Schlumberger and Cameron expect to close the merger in the first quarter of 2016. Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.
About Schlumberger
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 95,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger provides the industry's widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com.
About Cameron
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil and gas industries.
SOURCE Cameron
CONTACT: Investors, Simon Farrant - Schlumberger Limited, Vice President of Investor Relations, Joy V. Domingo - Schlumberger Limited, Manager of Investor Relations, Office +1 (713) 375-3535, investor-relations@slb.com, or Scott Lamb - Cameron, Vice President of Investor Relations, Office +1 (713) 513-3344, scott.lamb@c-a-m.com, or Media, Joao Felix - Schlumberger Limited, Director of Corporate Communication, Tel:+1 713 375 3494, communication@slb.com
Web Site: http://www.c-a-m.com
