We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Schlumberger Ltd | NYSE:SLB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.21% | 47.68 | 47.97 | 47.13 | 47.66 | 11,106,909 | 01:00:00 |
By Lisa Beilfuss
Schlumberger Ltd. on Wednesday said it agreed to buy Cameron International Corp. for about $12.74 billion in cash and stock, the latest move by the world's biggest oil-field services company as the industry struggles with lower prices and rising supply.
The price tag values Houston-based Cameron at $66.36 a share, a 56.3% premium to Tuesday's closing price. Amid the downturn in the energy sector, Cameron shares have fallen 42% over the past 12 months.
Cameron shareholders will receive $14.44 in cash and 0.716 Schlumberger shares for each share of Cameron. After completion, Cameron holders will own about 10% of the combined company.
With oil prices now at lower levels, Schlumberger Chief Executive Paal Kibsgaard said, "this agreement with Cameron opens new and broader opportunities for Schlumberger."
The Cameron transaction follows Halliburton's $35 billion deal unveiled late last year to acquire smaller oil-field services rival Baker Hughes Inc. and Royal Dutch Shell PLC's nearly $70 billion offer for Britain's BG Group PLC in April.
Paris-based Schlumberger said it anticipates pretax synergies of about $300 million in the first year and $600 million in the second year after the deal closes. The transaction will add to per-share profit by the end of the first year, Schlumberger said.
The deal, subject to approval by Cameron shareholders as well as regulatory clearance, is expected to be completed in the first quarter of 2016. On a pro forma basis, the combined company had 2014 revenue of $59 billion.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 26, 2015 07:05 ET (11:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
1 Year Schlumberger Chart |
1 Month Schlumberger Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions