Schlumberger buys Smith, announces stock merger deal
Under this new agreement, the shareholders will be getting 0.6966 shares of Schlumberger for each share of Smith International Inc.
IN A stock for stock deal amounting to $11.34 billion, Schlumberger Ltd. is about to buy Smith International Inc. It was announced last Sunday that the board of directors from both the companies have reached a consensus on the huge stock for stock merger deal.
This will be one of the biggest deals of 2010, and is expected to be complete by the end of this year as per Schlumberger Ltd CEO Andrew Gould. The company is one of the largest oilfield services of the world, with offices in almost 80 countries worldwide. The company currently employs over 70,000 workers, belonging to 140 different nationalities.
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