Smith International Surges on Report of Talks With Schlumberger

Smith International Inc. rose 14 percent in New York trading on a report that the company is in advanced talks to be acquired by Schlumberger Ltd., the world’s largest oilfield-services provider.

Smith, based in Houston, gained $4.64 to $37.99 as of 9:32 a.m. in New York Stock Exchange composite trading. Before today, the shares had climbed 23 percent this year. Schlumberger fell $2.21, or 3.4 percent, to $63.60.

The transaction is expected to be announced in coming days, the Wall Street Journal reported on its Web site, citing people familiar with the negotiations. Stephen Harris, a spokesman for Schlumberger, declined to comment on the report in an e-mailed response to questions. “The company doesn’t respond to rumors of this variety,” said Shawn Housley, director of investor relations at Smith.

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- Posted: 2010-02-19 10:09:43

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