Merger
Brazil’s competition authority CADE has approved the merger of Saipem and Subsea7 to form Saipem7, subject to agreed commitments.
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.
The divestiture is not expected to materially affect the strategic rationale of the proposed combination, and the synergies previously announced are confirmed.
Subsea7 and Saipem remain firmly committed to the proposed combination and will continue to work constructively with the relevant authorities to secure prompt satisfaction (or, where applicable, waiver) of the remaining conditions set out in the common merger plan approved by the shareholders of both companies.
