Schlumberger–Cameron Deal Gets Chinese Consent

The Chinese Ministry of Commerce (MOFCOM) has cleared a proposed merger between the world’s largest oilfield services company, Schlumberger, and Houston-based flow equipment specialist, Cameron, without any conditions, the companies informed on Friday.

As a result of the MOFCOM approval, the parties said they intend to close their transaction on April 1, 2016.

The definitive merger agreement was announced in August this year and approved by The U.S. Department of Justice in November.

Green light was also given in February this year by the European Commission, under the EU Merger Regulation.

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

Subsea World News Staff

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