BRUSSELS—The European Union on Friday waved through oil services giant Schlumberger Ltd.’s $12.7 billion acquisition of smaller rival Cameron International Corp., saying it had no major competition concerns.
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.
“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.
Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 105,000 people representing over 140 nationalities and working in approximately 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production.
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil and gas industries.