Schlumberger, the world’s largest oilfield services company, said its proposed merger with Cameron, the US-based provider of flow equipment products for the oil and gas sector, has won unconditional approval from the European Commission.
The panel has cleared their proposed merger without any conditions following a Phase 1 review.
The US Department of Justice had already cleared the proposed merger in November 2015 without any conditions.
Following this, Cameron stockholders voted on December 17 to adopt the merger agreement between Schlumberger and Cameron; and anti-trust clearances have been obtained in Canada, Brazil, Russia, and Mexico.
Under the terms of the agreement, Schlumberger and Cameron only await regulatory approval from China’s Ministry of Commerce. The Chinese authorities started their 30-day Phase 1 review process on February 4.
The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement, said Schlumberger and Cameron in a joint statement.
The duo expect to close the merger by the end of Q1 2016. Until then, both the companies will continue to operate as separate and independent entities and continue to serve their respective customers.
