Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisition of Cameron by Schlumberger, (Feb 5, 2016)
Organizations Mentioned:Cameron International | Schlumberger Limited
By Linda O’Brien, J.D., LL.M.
The European Commission (EC) has cleared under the European Union (EU) merger regulation the acquisition of Cameron International by Schlumberger Limited, both of the United States, the EC announced today.
Cameron provides drilling and production systems, valves and measurement, and topside process systems used on oil, gas, and process platforms above sea level. Schlumberger provides oilfield products and services, technology, information solutions, and integrated project management for oil and gas customers. Cameron's stake in OneSubsea, currently a joint venture between Cameron and Schlumberger, is also part of the transaction. OneSubsea was formed in 2013 and is active in the development and supply of products and services for subsea oil and gas production.
In August 2015, Schlumberger agreed to acquire Cameron for $14.8 billion.
Cameron's and Schlumberger's activities present limited overlaps in the markets of produced water treatment (de-oiling and sand management), as well as on the market of drilling chokes. 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 transaction was examined under the normal merger review procedure.
Companies: Cameron International; Schlumberger Limited
News: AcquisitionsMergers Antitrust