On Thursday, Shares of Schlumberger Limited (NYSE:SLB), surged 5.36% to $73.85.
A merger of Schlumberger Ltd. and Cameron International Corp., if approved, could mean savings not only for a new company, but also for its customers at a time of low oil prices where every penny seems to count.
Schlumberger, the world’s largest oilfield services company, said Aug. 26 that it will pay about $12.71 billion in stock and cash to acquire Cameron, a leader in manufacturing oilfield equipment. Each Cameron shareholder would get 0.716 shares of Schlumberger stock and $14.44 for each Cameron share.
The payment for each Cameron stock would be worth 56 percent more than it is worth recently, meaning the total value of the merger would be $14.8 billion. Together, the two companies had pro forma revenue of $59 billion in 2014.
The boards of both companies have approved the merger, but it still needs approval from Cameron’s shareholders and regulatory agencies. But an antitrust challenge is unlikely because the acquisition of Cameron is a move by Schlumberger to diversify, not to eliminate a rival company, according to Matt Marietta, an analyst with the investment bank Stephens Inc.
The deal could benefit not only the merged company but also its customers. A combined Schlumberger-Cameron could streamline its operations and thus reduce expenses at a time when oil prices and profits are stubbornly low. The new entity also could offer bundled services to its customers at prices below what they would have paid by dealing with separate companies for services and parts.
“This agreement with Cameron opens new and broader opportunities for Schlumberger,” Schlumberger Chairman and CEO Paal Kibsgaard said in a statement. “We believe that the next industry technical breakthrough will be achieved through integration of Schlumberger’s reservoir and well technologies with Cameron’s leadership in surface, drilling, processing and flow control technologies.”
Schlumberger Limited supplies technology, integrated project administration, and information solutions to the oil and gas exploration and production industries worldwide. The company operates through Reservoir Characterization Group, Drilling Group, and Production Group segments.
Shares of American Eagle Outfitters, Inc. (NYSE:AEO), declined -0.06% to $16.72, during its last trading session.
American Eagle Outfitters stated that Chief Marketing Officer, Michael Leedy, declared that he will step down from his position, effective September 15, 2015, with a commitment to serve in an advisory role if needed to ensure a smooth transition. The company has an active search for a successor underway.
“We thank Michael for his many contributions over the years,” said Roger Markfield, Executive Creative Director. “Michael was instrumental in establishing our early brand DNA, our loyalty program and significantly influenced initiatives like the launch of the AEO direct business. We have an outstanding creative marketing team and I am confident that we will find a strong successor to build on our success and lead us into the future. We wish Michael all the best in his future endeavors.”
American Eagle Outfitters, Inc. operates as a retailer of apparel and accessories in the United States and internationally. The company’s stores offers denims, pants, shorts, sweaters, fleece, outerwear, graphic T-shirts, footwear, and accessories for 15 to 25 year old men and women under the American Eagle Outfitters brand name; and intimates and personal care products for women the aerie brand name.
Finally, Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM), ended its last trade with 0.88% gain, and closed at $1.15.
Peregrine Pharmaceuticals declared the presentation of a range of clinical, translational and pre-clinical study results highlighting the ability of bavituximab, Peregrine’s investigational phosphatidylserine (PS)-signaling pathway inhibitor, to promote anti-tumor T cell mediated activity in several tumor types. The data were presented recently by Jeff T. Hutchins, Ph.D., vice president, preclinical research at Peregrine Pharmaceuticals and chairperson of the Combination Immunotherapy Strategies session at the 10th Annual Immunotherapy and Vaccine Summit (ImVacS), being held August 24-28, 2015 in Boston, Massachusetts.
Bavituximab is an investigational immunotherapy designed to assist the body’s immune system by targeting and modulating the activity of phosphatidylserine (PS), a highly immune-suppressive signaling molecule expressed broadly on the surface of cells in the tumor microenvironment. Peregrine’s PS signaling pathway inhibitor candidates, counting bavituximab, reverse the immunosuppressive environment that many tumors establish in order to proliferate and fight cancer by activating macrophages and cytotoxic T cells in tumors. Preclinical data demonstrate that combining the improved T cell anti-tumor activity of bavituximab-like antibodies with checkpoint inhibitors, such as anti-PD-1 antibodies, results in significantly improved tumor control in multiple models of cancer.
Peregrine Pharmaceuticals, Inc., a biopharmaceutical company, researches and develops monoclonal antibodies for the treatment and diagnosis of cancer in the United States and internationally.
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