Schlumberger Deal With Russian Drilling Company Called Off
September 30 2015 - 1:30PM
Dow Jones News
LONDON—Schlumberger Ltd.'s planned $1.7 billion acquisition of a
stake in Eurasia Drilling Co., Russia's largest onshore drilling
firm, fell through on Wednesday after a deadline was passed before
critical consents had been won from Russian antitrust
officials.
The collapse of the deal comes after a warning from Schlumberger
that it wouldn't extend Wednesday's deadline for Moscow to approve
the offer.
"We can now confirm that the long stop date has expired and the
proposed merger and related transaction with Schlumberger will not
occur," said EDC in a statement to the London Stock Exchange.
The transaction was proposed in January, accepted by EDC and
originally expected to close by the end of March, before getting
bogged down over concerns in Moscow that EDC's activities could be
affected by Western sanctions against Russia.
Write to Ed Ballard at ed.ballard@wsj.com
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(END) Dow Jones Newswires
September 30, 2015 13:15 ET (17:15 GMT)
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