China: Schlumberger-Cameron $12 billion deal clears final regulatory hurdle

Schlumberger’s $12 billion takeover of Houston-based Cameron International is expected to close next week now that it has cleared its largest remaining regulatory approval.

The Chinese Ministry of Commerce on Friday signed off on the proposed merger without any conditions. After the European Union approved the deal in February, China represented the final hurdle.

Schlumberger said it expects to close the deal on Friday, April 1.

Schlumberger, the world’s largest oil field services company with headquarters in Houston, Paris and The Hague, has moved quickly to wrap up the acquisition of the large oil equipment and technology manufacturer since the deal was first announced at the end of August.

The US Justice Department already signed off on the deal in November, finding that it didn’t violate any antitrust laws. Cameron shareholders approved the deal in December.

The Schlumberger-Cameron deal hasn’t seen any of the regulatory blow back directed at Schlumberger’s top two rivals. Houston-based Halliburton announced way back in November 2014 that it planned to acquire Baker Hughes, but the deal is still facing stiff regulatory hurdles in the U.S. and Europe and could be in jeopardy.

Full content: PR Newswire

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