Schlumberger in Talks to Acquire Camco

Schlumberger Ltd., the nation’s largest oil field services company, is in talks to acquire Camco International Inc. for more than $2.8 billion, the latest potential combination in an industry being squeezed by cost-cutting. Houston-based Camco, the nation’s eighth-largest oil field services company, said it’s in talks with “an unnamed party.” New York-based Schlumberger is expected to pay more than $75 a share for Camco in the acquisition that could be announced today. Camco Chief Financial Officer Herbert Yates declined to elaborate on the company’s statement. Before trading in the company’s shares was halted in midafternoon, Camco rose $5.75, or 10%, to $62.25 on trading of 1.53 million shares, about three times the three-month daily average. Schlumberger’s shares fell $2.75 to close at $69.94 on the NYSE..