CADE approves the combination of Saipem and Subsea7.

Saipem S.p.A. announces that the tribunal of Brazil’s Conselho Administrativo de Defesa Econômica (CADE) has approved the proposed combination of Saipem and Subsea7 to create Saipem7 subject to compliance with the commitments set out in a Merger Control Agreement.

Subsea7 and Saipem have committed to divest Seven Borealis to address the competition concerns raised by CADE’s tribunal during its review. The commitment includes specific provisions to ensure continuity in the execution of the existing project backlog.

Source: Communiqué SAIPEM