RPT-Schlumberger buy of Smith Int’l cleared by EU

(Repeats to additional Reuters clients)

BRUSSELS, July 26 (BestGrowthStock) – Oilfield services company
Schlumberger Ltd (SLB.N: ) secured EU regulatory approval on
Monday to buy Smith International (SII.N: ) in a $11.34 billion
deal that will allow it to drill deeper for fossil fuel.

The acquisition, unveiled in February, was the latest in a
string of oilfield services deals underlining the recovery in
the sector.

“After examining the operation, the (European) Commission
concluded that the transaction would not significantly impede
effective competition in the European Economic Area (EEA) or any
substantial part of it,” the European Union executive said in a
statement.

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(Reporting by Foo Yun Chee and Antonia van de Velde)

RPT-Schlumberger buy of Smith Int’l cleared by EU