On Wednesday, Shares of Schlumberger Limited (NYSE:SLB), lost -3.35% to $70.09, hitting its lowest level.
Schlumberger Limited agreed to buy Cameron International Corp. for US$66.36 a share in a US$14.8-billion deal that creates greater one-stop shopping for crude explorers.
Cameron stockholders will receive 0.716 Schlumberger shares and a cash payment of US$14.44 in exchange for each Cameron share, according to a regulatory statement on Wednesday. That’s a 56 per cent premium to Cameron’s share price.
The deal combines Schlumberger, a service provider whose engineers help explorers drill and complete wells, with Cameron, which provides essential gear including pumps and blowout preventers, potentially allowing customers to shave costs through bundling. The slump in oil prices over the past year has forced oil companies to cut back on costly exploration and investment projects, influencing the services industry, which caters to them.
The deal is expected to be accretive to Schlumberger earnings per share in the first year after closing while they see a combined US$900 million in synergies in the first two years, according to the statement.
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 Weatherford International plc (NYSE:WFT), inclined 3.25% to $8.26, during its last trading session.
Weatherford International declared that it has planned a conference call for Thursday, October 22, 2015 at 8:30 a.m. ET. The purpose of the conference call is to discuss results for the Company’s third quarter ended September 30, 2015. The call will be open to the public.
Weatherford International plc provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide.
Finally, Mylan N.V. (NASDAQ:MYL), ended its last trade with 4.11% gain, and closed at $51.13.
Mylan declared the U.S. launch of Piperacillin and Tazobactam for Injection USP, 3.375g Single-dose Vials, which is the generic version of Pfizer’s Zosyn® Injection. This product is a combination penicillin-class antibacterial and beta-lactamase inhibitor indicated for the treatment of patients with moderate to severe infections caused by susceptible isolates of certain bacteria.
Piperacillin and Tazobactam for Injection USP, 3.375g Single-dose Vials had U.S. sales of about $72.1 million for the 12 months ending June 30, 2015, according to IMS Health. Mylan’s launch of this product adds to the company’s growing portfolio of more than 145 injectable products available to patients in the U.S. across a broad array of therapeutic categories counting oncology, anti-infectives, anesthesia/pain administration and cardiovascular.
Presently, Mylan has 267 ANDAs pending FDA approval representing $101.3 billion in annual brand sales, according to IMS Health. Fifty of these pending ANDAs are potential first-to-file opportunities, representing $33.4 billion in annual brand sales, for the 12 months ending December 31, 2014, according to IMS Health.
Mylan N.V., through its auxiliaries, develops, licenses, manufactures, markets, and distributes generic, branded generic, and specialty pharmaceuticals worldwide. The company provides generic or branded generic pharmaceutical products in tablet, capsule, injectable, or transdermal patch forms, in addition to active pharmaceutical ingredients (APIs).
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