Source: Baker Hughes, Inc.
Oilfield Service in the News
Schlumberger to Aquire Smith
Feb. 22 NEW YORK (Dow Jones)--Shares of Smith International Inc. (SII) rose as investors were pleased about the hefty premium offered by Schlumberger Ltd. (SLB) in its $11 billion takeover offer. Schlumberger's shares, meanwhile, fell on the deal.
The all-stock transaction, the year's largest acquisition, will make Schlumberger by far the world's biggest oilfield services company. Smith shareholders will get 0.6966 Schlumberger share for each Smith share they own - a 37.5% premium over Smith's share price Thursday, when news of the potential deal was first reported. The deal values Smith at $44.51 a share based on Friday's close.
The all-stock transaction, the year's largest acquisition, will make Schlumberger by far the world's biggest oilfield services company. Smith shareholders will get 0.6966 Schlumberger share for each Smith share they own - a 37.5% premium over Smith's share price Thursday, when news of the potential deal was first reported. The deal values Smith at $44.51 a share based on Friday's close.