ChampionX rises after $8 bln all-stock deal by oilfield giant SLB

ChampionX

02/04/2024 13:25

** Shares of oilfield services firm ChampionX up 10.2% to $39
before the bell 
** Larger rival SLB  SLB.N  to buy co in an all-stock deal
valued at $7.75 bln
    ** CHX shareholders to receive 0.735 shares of SLB common
stock 
    ** Deal expected to close before 2024 end
    ** SLB to increase 2024 shareholder returns to target of $3
bln and give back $7 bln over the next two years
    ** SLB down 0.2%
    ** Up to the last close, CHX has risen 21.9% and SLB stock
has risen 6.1% YTD

(Reporting by Kabir Dweit)
((mailto:Kabir.Dweit@thomsonreuters.com;))