Monday, July 26, 2010

EC clears Schlumberger /Smith International merger

Smith International's businesses include MRO distributor Wilson

Schlumberger Ltd and Smith International, Inc. jointly announced today that the European Commission has cleared their proposed merger under the EC Merger Regulation without any conditions.

The closing of the proposed merger remains subject to clearance by the U.S. Department of Justice, approval by Smith stockholders, and the satisfaction or waiver of other closing conditions contained in the merger agreement between the companies. As previously announced, the 2010 annual meeting of stockholders of Smith is scheduled for August 24, 2010, at which meeting stockholders of Smith will consider and vote upon matters including the proposed adoption of the agreement and plan of merger between Smith and Schlumberger.

Schlumberger and Smith expect that the merger will close in the third quarter of this year. Until that time, Schlumberger and Smith will continue to operate as separate and independent companies and continue to serve their respective customers

Smith International is the parent company of Wilson, a distributor of pipe, valves, valve automation products, fittings, mill and tool supplies, safety products, and artificial lift systems to energy and industrial markets. Wilson has more than 250 locations across the United States and Canada and is expanding its business in Europe.

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