EU Approves Schlumberger’s Acquisition of Cameron

Paal Kibsgaard, chairman and CEO of Schlumberger

The European Commission has given the green light, under the EU Merger Regulation, for the acquisition of Cameron by Schlumberger.

In august last year, a definitive merger agreement was unanimously approved by the boards of directors of both companies in which the companies will combine in a stock and cash transaction.

The proposed merger was already approved by the U.S. Department of Justice in November last year, followed by the Cameron’s stakeholders nod a month later.

Cameron’s stake in OneSubsea, currently a joint venture between Cameron and Schlumberger, is also part of the transaction.

OneSubsea was formed in 2013 and is active in the development and supply of products and services for subsea oil and gas production.

“The Commission concluded that the proposed acquisition would raise no competition concerns, given the very limited overlaps between the companies’ activities and the modest increment in market shares brought about by the transaction,” the European Commission said in a statement.

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