Park Towers

The European Commission has unconditionally approved oilfield services company Schlumberger‘s proposed acquisition of the US-based equipment manufacturer Cameron International for $14.3bn.

The approval has been given under the EU merger regulation, and follows the clearance given by the US Department of Justice in November 2015.

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The European Commission said: "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."

Under the agreement, the two companies only await regulatory approval from the Ministry of Commerce of the Peoples’ Republic of China.

"The proposed acquisition would raise no competition concerns."

Schlumberger said in a statement: "The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement."

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Until completion of the merger, expected in the first quarter of 2016, Schlumberger and Cameron will continue to operate as separate and independent entities.

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The transaction also includes, Cameron’s stake in OneSubsea, which is currently a joint venture between Cameron and Schlumberger.

OneSubsea was formed in 2013 and develops and supplies products and services for subsea oil and gas production.

Cameron provides drilling and production systems, valves and measurement, and topside process systems that are used on oil, gas and process platforms above sea level.

Image: Park Towers South, which houses the headquarters of Cameron. Photo: courtesy of WhisperToMe.