Services giants Schlumberger and Smith International today jointly announced that the US Department of Justice has cleared their proposed merger without any conditions, granting early termination of the antitrust waiting period with respect to the deal.
The European Commission had cleared the deal yesterday, without any conditions.
The closing of the proposed merger remains subject to approval by Smith International shareholders and the satisfaction or waiver of the other closing conditions, according to an RTT report.
The annual meeting of shareholders of Smith International is scheduled for 24 August, at which the company's shareholders would vote on the proposed merger, among other matters.
In February, Schlumberger agreed to buy Smith International in an all-stock deal valued at about $11 billion.
Under the terms of the deal, Smith shareholders will receive 0.6966 shares of Schlumberger in exchange for each Smith share.
Source: www.upstreamonline.com/us approves schlumberger smith deal
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