Summary
This 8-K filing from Schlumberger Limited (SLB) on May 18, 2004, announces a significant divestiture from its smart card unit, Axalto Holding N.V. Schlumberger B.V., a wholly-owned subsidiary, has sold 34,821,739 ordinary shares of Axalto at a price of Euros 14.80 per share. This transaction marks the separation of the smart card business, with Axalto's shares commencing trading on the Paris Euronext Stock Exchange under the ticker AXAL-PA on the same day. The sale is expected to be finalized by May 20, 2004. This move is a strategic step for Schlumberger, indicating a focus on its core oilfield services business by divesting its smart card segment. Investors should note the substantial number of shares sold and the corresponding price, which provides an indication of the valuation for the Axalto unit. The completion of this sale will impact Schlumberger's balance sheet and future earnings composition.
Key Highlights
- 1Schlumberger B.V. sold 34,821,739 ordinary shares of its smart card unit, Axalto Holding N.V.
- 2The sale price was set at Euros 14.80 per share.
- 3Axalto Holding N.V. began trading on the Paris Euronext Stock Exchange under the ticker AXAL-PA on May 18, 2004.
- 4The transaction represents a divestiture of Schlumberger's smart card business.
- 5The sale is anticipated to close on or before May 20, 2004.
- 6This filing includes a press release dated May 18, 2004, as an exhibit.