World’s largest oilfield services provider, Schlumberger, and Cameron International Corporation jointly announced on Friday that Chinese Ministry of Commerce (MOFCOM) has cleared their proposed merger without any conditions.
MOFCOM approval represents the last major closing condition to the proposed merger. As a result, the two companies said they intend to close the transaction on April 1, 2016.
Schlumberger and Cameron announced a definitive merger agreement in which the companies will combine in a stock and cash transaction in August 2015 , and Cameron’s stockholders voted in favor of the proposed merger in December .
Prior to MOFCOM’s approval, the proposed merger was cleared by the U.S. Department of Justice in November 2015 , and by the European Commission in February 2016 .
According to the joint press release, the closing of the proposed merger remains subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement.
Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.