Schlumberger/Smith merger proposal cleared

Technology supplier Schlumberger and oilfield service company Smith have jointly announced that the US Department of Justice has cleared their proposed merger without any conditions, granting early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the proposed merger. 

The European Commission cleared the proposed merger under the EC Merger Regulation on 26 July 2010 without any conditions.

Subject to receipt of approval from Smith stockholders, Schlumberger and Smith expect to close the merger on 27 August 2010 and until that time will continue to operate as separate and independent companies.