EU Clears Schlumberger To Buy US' Smith International
July 26 2010 - 12:03PM
Dow Jones News
The European Commission Monday cleared oil field services
company Schlumberger Ltd. (SLB) to buy U.S. peer Smith
International Inc. (SII).
The $11 billion deal will give Schlumberger, the largest oil
field service company by market capitalization and sales, revenue
twice that of its nearest rival Halliburton Co. (HAL). The company
expects to realize synergies from the deal of $160 million in 2011
and double that in 2012.
The European Union's antitrust regulator said the deal wouldn't
give rise to any significant competition concerns.
Schlumberger will give Smith shareholders a 0.69 share for every
Smith share they hold.
Schlumberger is mainly involved in oil location and extraction.
It hopes to use the drill bits and related equipment Smith
manufactures to explore technologies for drilling in more demanding
environments.
-By David Tidmarsh, Dow Jones Newswires; +32 (0)2 741 1 489;
david.tidmarsh@dowjones.com
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