The Chinese Ministry of Commerce (MOFCOM) has cleared the proposed merger of Schlumberger Ltd. (NYSE: SLB) and Cameron International Corp. (NYSE: CAM) without any conditions. MOFCOM approval represents the last major closing condition to the merger. As a result, the parties intend to close their transaction on April 1.
The merger’s closing remains subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement. Until that time, the companies will continue to operate as separate and independent entities and to serve their respective customers.