SLB and ChampionX may accept the remedial measures proposed by UK watchdog
The British competition regulator announced on Thursday that it may accept the measures proposed by the oilfield services company SLB and its smaller rival ChampionX in order to address concerns about antitrust regarding the two companies’ proposed $8 billion merger.
The two companies will be relieved by the announcement, as last month the competition watchdog warned that SLB's purchase of ChampionX would lead to a substantial reduction in the UK's level of competition unless they proposed remedial measures.
The Competition and Markets Authority said that SLB offered its production chemical technologies business while ChampionX offered its US Synthetic Corp unit.
CMA said that the companies offered to license and provide access to certain technologies such as quartz transducers and sensors, which they deemed could harm competition.
SLB and ChampionX didn't immediately respond to requests for comment.
The regulator stated that it would make a final determination by June 11, with the option to extend this deadline to August 8, if necessary.
SLB has the legal right to complete the transaction in America.
SLB said last month that it anticipated a further delay to the closing of the deal. It now expects this will happen in the early second quarter or the middle third quarter 2025. (Reporting and editing by Leroy Leo in Bengaluru, Aby Jose Koilparambil from Bengaluru)
(source: Reuters)
