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Schlumberger, Camco Plan $3 Billion Merger

Schlumberger, Camco Plan $3 Billion Merger

Schlumberger and Camco signed merger agreement valued at $3.14 billion on Friday. The deal creates a company that will offer an unmatched array of oilfield services wolrdwide. Consolidated operating revenue and net income of Schlumberger and Camco would have been $11.6 billion and $1.38 billion in 1997. The current combined market capitalization is $37 billion. Under the terms of the agreement, Camco shareholders will receive 1.18 newly issued shares of Schlumberger common stock for each outstanding share of Camco common stock. Camco will be operated as a division within the Schlumberger Oilfield Services group. "Camco will be able to add its technology of production operations to the well known technology of Schlumberger in areas of reservoir enhancement. We have practically no overlap of operations and have worked successfully with Schlumberger in many areas of the world,'' said Gilbert Tausch, Camco CEO.

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