Britain's competition regulator announced on Thursday its potential approval of the solutions put forward by oilfield services company SLB and its smaller competitor ChampionX to resolve competition concerns related to their $8 billion merger deal. The regulator had previously warned that the acquisition could reduce competition in the UK unless the companies proposed remedies.

SLB offered to sell off its production chemical technology business, while ChampionX offered to divest its unit, US Synthetic Corp, as per the Competition and Markets Authority (CMA). Additionally, both companies proposed licensing certain technologies, including quartz sensors and transducers, in an effort to address competition issues.

Responses from SLB and ChampionX to requests for comment by Reuters are still pending. The regulator aims to reach a final decision on whether to accept the proposals by June 11, with a possible extension to August 8.

The merger is also being reviewed for antitrust compliance in Norway, while SLB is legally allowed to finalize the transaction in the U.S. SLB recently anticipated a delay in closing the deal, now expected to occur in the second or early third quarter of 2025.

(Adapted from Reuters article by Aby Jose Koilparambil in Bengaluru; Edited for originality by Leroy Leo)