US regulators have given a proposed merger between, rival oil and gas firms, Schlumberger and Cameron International the green light.
Schlumberger, the world’s largest oilfield services company, proposed the acquisition of smaller rival company Cameron for US$12.7 billion.
Houston based Schlumberger itself employs around 105,000 people across 85 different countries, with an annual revenue of US$48.58 billion, whilst Cameron International employs 23,000.
The US Department of Justice, cleared the merger ‘without any conditions’ on antitrust grounds, meaning the two companies can now plough ahead with their plans.
The only remaining hurdle left to the deal is approval from Cameron International’s shareholders, which Cameron hopes to clear up at a special shareholders meeting due to be held on 17th December 2015.
Most commentators believe that shareholders will vote overwhelmingly in favour of the company’s acquisition by rival Schlumberger.
In a statement, the two companies said that should Cameron’s shareholders give the deal the nod, they expect the two companies to complete on the merger during the first quarter of 2016.
Until this happens, the two firms will continue to act as two separate companies.