Cameron said its shareholders have approved a bid by oil services giant Schlumberger to take over the company in a deal worth $12.7billion.
The transaction is expected to be completed by next year.
Once the deal is complete, each share of Cameron common stock will convert into the right to receive 0.716 shares of common stock of Schlumberger Limited and a cash payment of $14.44.
Scott Rowe, chief executive of Cameron, said:”We are pleased that our stockholders have clearly recognized and endorsed the significant value generated by this transaction,”
“The combination of the two organizations will create a premier oilfield equipment and services company uniquely positioned to deliver superior value to the industry.”
The transaction will remain subject to regulatory approvals and customary closing conditions.
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