European Commission clears Schlumberger's acquisition of Smith International at Phase I

On 26 July 2010 the European Commission approved the acquisition of Smith International by Schlumberger without conditions, after a Phase I investigation. Both companies provide oilfield services.

The Commission examined the effects of the acquisition in the markets for directional drilling services; the supply of drill bits; and the supply of completion products and services. Its investigation found that the combined firm would continue to face strong, effective competitors and that the horizontal overlaps between the two parties are limited. The Commission therefore concluded that the transaction would not give rise to competition concerns.

A CRA team including Alan Overd, Vicki Mertzanidou and Andy Parkinson advised Schlumberger throughout the Commission's investigation.

See the Commission's press release for further details.

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