Oil’s well

Schlumberger Ltd., the world’s biggest oilfield services company, has agreed to purchase fellow industry player Smith In ternational Inc. for about $11 billion in stock in a move to diversify its product offerings and better compete with rival Halliburton Co. The deal boosts Schlumberger’s portfolio just as business is beginning to recover.

No bonus

Royal Bank of Scotland chief Stephen Hester in tends to decline his bonus for 2009, making him the third major Brit ish banking executive to do so. Hester stood to earn a bonus of about $2.5 million.

Grounded

Deutsche Lufthansa, Europe’s second-largest airline, scrapped 67 per cent of its services today as pilots start a four-day strike over work assign ments. The airline is re booking passengers from long-distance flights to Star Alliance partner car riers, including United and US Airways.

Refinery talks

Talks between Total and workers protesting the possible closure of the company’s Dunkirk refinery in northern France collapsed yes- ter day, the CGT union said, calling for a strike to spread to all French refi neries.