Schlumberger Closed Merger With Smith International
Monday, August 30, 2010
Schlumberger, Ltd. has closed its merger with Smith International, Inc. As previously announced, each Smith stockholder will receive 0.6966 share of Schlumberger common stock in exchange for each Smith share, with cash paid in lieu of any fractional shares of Schlumberger common stock. Schlumberger has issued approximately 176 million shares pursuant to the merger, representing a transaction value of approximately $11 billion. As a result, former Smith stockholders own approximately 12.9% of Schlumberger’s outstanding shares of common stock.
Category: Gulf of Mexico