By Houston Business Journal

Schlumberger Ltd.â¿¿s plans to acquire Smith International Inc. have been approved by both the U.S. Department of Justice and the European Commission.

The closing of the proposed merger remains subject to approval by Smith stockholders, and the satisfaction or waiver of other closing conditions contained in the merger agreement between the two Houston oilfield service companies.

Smith shareholders will vote on the merger on Aug. 24. If there are no objections, the deal will close on Aug. 27, according to the companies.

Schlumberger (NYSE: SLB) and Smith (NYSE: SII), who first announced the multi-billion dollar deal in February, expect the merger to close in the third quarter.

Copyright 2010 American City Business Journals
Copyright 2010