Schlumberger Ltd. (NYSE: SLB) and Cameron International Corp.'s (NYSE: CAM) proposed merger has been cleared by the U.S. Department of Justice (DOJ) without any conditions.
The $14.8 billion deal will expand Schlumberger into new territories in subsea and equipment manufacturing. It is expected to face fewer antitrust hurdles than the $35 billion merger of Halliburton Co. (NYSE: HAL) and Baker Hughes Inc. (NYSE: BHI) since Schlumberger and Cameron offer few overlapping services.
In a joint statement on Nov. 17 the companies said the DOJ has granted early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the proposed merger.
The closing of the proposed merger remains subject to approval by Cameron stockholders and the satisfaction or waiver of the other closing conditions contained in the merger agreement between Schlumberger and Cameron.
Schlumberger and Cameron expect to close the merger in the first quarter of 2016, according to the release. Until that time, Schlumberger and Cameron will continue to operate as separate and independent companies and continue to serve their respective customers.
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