Schlumberger and Cameron International Corp jointly announced that the European Commission has cleared their proposed merger without any conditions following a Phase 1 review.
As previously announced, the US Department of Justice cleared the proposed merger in November 2015 without any conditions. Cameron stockholders voted on 17 December to adopt the merger agreement between Schlumberger and Cameron, and antitrust clearances have been obtained in Canada, Brazil, Russia and Mexico.
Under the terms of the merger agreement, Schlumberger and Cameron only await regulatory approval from the Ministry of Commerce of the Peoples’ Republic of China. The Chinese authorities started their 30-day Phase 1 review process on 4 February 2016.
The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement. Schlumberger and Cameron expect to close the merger in Q1 2016. Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.