The European Union today cleared the purchase of equipment maker Cameron International by Schlumberger, the world’s No 1 oilfield services provider.
It is the second-biggest tie-up in the global energy services industry, worth more than £10billion, after Halliburton’s proposed £24billion takeover of Baker Hughes.
“The proposed acquisition would raise no competition concerns, given the very limited overlaps between the companies’ activities and the modest increment in market shares brought about by the transaction,” the European Commission said in a statement.