US: Cameron agrees to $12.7 billion Schlumberger merger

Cameron has announced that its stockholders have overwhelmingly voted to adopt the previously announced merger agreement providing for the acquisition of Cameron by a wholly owned subsidiary of Schlumberger Limited. Upon completion of the transaction, each share of Cameron common stock will convert into the right to receive 0.716 shares of common stock of Schlumberger Ltd., and a cash payment of US$14.44.

“We are pleased that our stockholders have clearly recognised and endorsed the significant value generated by this transaction,” said Scott Rowe, President and Chief Executive Officer of Cameron. “The combination of the two organisations will create a premier oilfield equipment and services company uniquely positioned to deliver superior value to the industry.”

The transaction remains subject to regulatory approvals and customary closing conditions, and the companies expect the acquisition will close in the 1Q16.

Full content: Offshore Engineer

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