Offshore accommodation units providers, Prosafe SE and Floatel International have mutually agreed to discontinue their merger plan, due to financial uncertainty and process risk.
The regrettable conclusion is that any near term completion of a value enhancing merger is unlikely.
It was just last month, when both companies were struggling with Norwegian Competition Authority’s (NCA) about its decision to block the merger with an appeal to Competition Tribunal when UK CMA announced that, blocking the merger may be the only way.