Drilling for Profits: Schlumberger Acquires Smith International
Zacks.com submits:
The oilfield services giant Schlumberger Ltd. (SLB) has acquired lesser rival Smith International Inc. (SII) for approximately $11 billion in an all-stock deal, which is the biggest acquisition in the United States so far this year.
The Wall Street Journal had reported on Friday that Schlumberger was in advanced talks to buy Smith. Following this news, Smith’s shares jumped 13% but Schlumberger’s shares fell 2.9%.
Investing, Long Term Investment, stock market | admin February 22, 2010
RSS feed for comments on this post.
