U.K. Competition Watchdog Considers Proposed Solutions in Schlumberger's Bid for ChampionX

By Pierre Bertrand

The U.K.'s Competition and Markets Authority will consider the measures put forward to assuage competition concerns related to Schlumberger's planned acquisition of ChampionX.

The authority said Thursday that it considered that there were reasonable grounds for believing that the proposed actions or a modified version, might be approved to address its concerns.

Earlier this month the companies offered potential solutions to the CMA, including the divestment of businesses in the U.K. and in the United States.

The authority had decided in March that the deal between the companies could harm U.K. competition. Schlumberger, an oilfield services company, and ChampionX, an oil and gas technology company, reached a definitive acquisition agreement in April 2024.

The CMA said it now has until June 11 to decide whether to accept the companies' proposal. It could extend the deadline to August 8.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

04-10-25 0700ET