A PYMNTS Company

U.S./Canada: Authorities still unsure about oil extraction equipment merger

 |  December 10, 2012

According to Robbins & Myers Inc., Canadian and U.S. antitrust authorities have delayed approval for the energy equipment maker’s acquisition by Oilfield service equipment maker National Oilwell Varco. The two companies agreed to merge last August for $2.55 billion, but the delay will now push the deal into 2013 if ever approved. According to reports, the two have decided that merging will jointly benefit the two parties as oil extraction methods become more complicated and oil demand rises. According to Robbins & Myers, the Canadian Competition Bureau has requested more documented information from the two companies; the companies are also requesting more time from the U.S. Department of Justice for its review, though the timetable has not yet been finalized.

Full Content: Nasdaq

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.