US oilfield services giant Schlumberger is in advanced talks to buy smaller rival Smith International, The Wall Street Journal reported sources close to continuing negotiations said.
A Schlumberger-Smith deal would create an industry giant with revenues double that of its nearest rival Halliburton, Reuters quoted a report in the paper as saying.
Smith International's current market capitalisation is around $7.5 billion. And with a typical deal premium of about 20%, the purchase price could hover around $9 billion range, though an exact price could not be determined late last night, the paper said.
The
