CIC bought for $14bn

PARIS: Franco-American firm Schlumberger, the world’s largest oilfield services company, has completed its merger with smaller rival Cameron International Corporation (CIC)worth $14.8 billion. US authorities had given the clearance in November, the EU in February and the Chinese authorities gave their assent last month, paving the way for what Schlumberger termed the sector’s leading integrated industrial complex. Both groups saw the late Friday deal as bringing together complementary technologies. Employing some 950,000 people and operating in more than 85 countries, Schlumberger supplies technology, integrated project management and information solutions to the oil and gas industry worldwide. Houston-based Cameron, employing some 23,000 people, provides products, systems and services to the industry.