NEW YORK (TheStreet) -- Schlumberger's (SLB) - Get Report planned $14.8 billion acquisition of Cameron International Corp. (CAM), an oil and gas equipment manufacturer, is expected to receive unconditional approval from EU regulators, sources told Reuters.
The European Commission will issue an official decision on the transaction by February 5.
In November, the U.S. Department of Justice approved the acquisition that was announced last August, easing the way for the oilfield service provider to close the transaction in the 2016 first quarter as scheduled.
The companies have complementary services and products, which has made the regulatory process easier than Halliburton Co.'s (HAL) plans to acquire Baker Hughes (BHI) for $35 billion, Reuters added.
Schlumberger's competitors have faced regulatory scrutiny in the U.S. and Europe, but Halliburton CEO Dave Lesar said the company is committed to closing the deal.
Shares of Schlumberger are declining by 2.87% to $63.33 in afternoon trading on Monday, after global oil oversupply pushed crude prices down more than 5%.
Separately, Schlumberger has a "hold" rating and a letter grade of C at TheStreet Ratings because of its solid financial position, deteriorating net income, poor profit margins and weak operating cash flow.
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