The merger, which is due to secure approval from stockholders of Cameron in December, is also subject to waiver of the other closing conditions that are outlined in the merger agreement.
In August, Schlumberger has agreed to acquire Cameron by issuing each shareholder of Cameron with 0.716 shares of Schlumberger common stock and $14.44 cash for each share.
The deal is intended to combine the technology portfolios of the two firms into a ‘pore-to-pipeline’ products and services for the global oil and gas industry, Schlumberger said.
Upon completion of the transaction scheduled in the first quarter of 2016, Cameron shareholders will own approximately 10% of outstanding shares of common stock of Schlumberger.
When the agreement was announced, Schlumberger chairman and CEO Paal Kibsgaard said: "With oil prices now at lower levels, oilfield services companies that deliver innovative technology and greater integration while improving efficiency, which our customers increasingly demand, will outperform the market.
"We believe that the next industry technical breakthrough will be achieved through integration of Schlumberger’s reservoir and well technologies with Cameron’s leadership in surface, drilling, processing and flow control technologies."
Image: Cameron provides equipment for oil and gas industries. Photo: courtesy of suwatpo/ FreeDigitalPhotos.net.
