EC Likely to Order Probe in Saipem-Subsea Merger Over Competition Concerns
The European Commission is likely to launch an antitrust probe into the proposed merger of Italian energy contractor Saipem and Norwegian peer Subsea 7 due to competition concerns, The deal, disclosed in February last year, is expected to create a global offshore energy services major, with expertise in drilling, engineering, and subsea infrastructure for offshore oil and gas projects through fleets of vessels. An EC probe could commence on July 22 after the conclusion of its preliminary assessment. Last week, Australia's antitrust regulator launched an in-depth probe into the deal over concerns that it could hurt competition in key offshore oil and gas services. In June, the deal secured unconditional approval in Brazil resulting in lawsuits by companies opposing it, the report said. Saipem declined to comment, while Subsea 7 and the Commission did not immediately respond to requests for comment. Copyright ©.
The European Commission is likely to launch an antitrust probe into the proposed merger of Italian energy contractor Saipem and Norwegian peer Subsea 7 due to competition concerns, The deal, disclosed in February last year, is expected to create a global offshore energy services major, with expertise in drilling, engineering, and subsea infrastructure for offshore oil and gas projects through fleets of vessels.
An EC probe could commence on July 22 after the conclusion of its preliminary assessment.
Last week, Australia's antitrust regulator launched an in-depth probe into the deal over concerns that it could hurt competition in key offshore oil and gas services.
In June, the deal secured unconditional approval in Brazil resulting in lawsuits by companies opposing it, the report said.
Saipem declined to comment, while Subsea 7 and the Commission did not immediately respond to requests for comment.
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