Societe Generale Downgrades Cameron International (CAM) to Hold
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Schlumberger to buy oilfield gear maker Cameron in $14.8 billion deal
August 26, 2015 6:16 AM EDTBy Sneha Banerjee and Shubhankar Chakravorty
(Reuters) - Schlumberger Ltd (NYSE: SLB) will buy equipment maker Cameron International Corp (NYSE: CAM) for $14.8 billion, as the world's top oilfield services firm scrambles to offer a broader range of products at lower prices to oil companies slashing budgets.
The deal, which values Cameron around the market cap it had when oil prices were still $100 a barrel, marks the second big merger among energy services companies since crude prices entered a 60 percent slide last year.
Halliburton and Baker Hughes, Schlumberger's... More
Schlumberger Ltd. (SLB) to Acquire Cameron (CAM) in ~$14.8B Deal
August 26, 2015 6:02 AM EDTSchlumberger Ltd. (NYSE: SLB) and Cameron (NYSE: CAM) jointly announced a definitive merger agreement in which the companies will combine in a stock and cash transaction. The agreement was unanimously approved by the boards of directors of both companies.
Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.
Based on the closing stock prices of both companies on August 25, 2015, the agreement places a value of $66.36 per Cameron share, representing a 37.0%... More
