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Brazil's CADE approves Saipem's merger with Subsea7

By Reuters News

MILAN, Nov 4 (Reuters) - The tribunal of Brazil's Conselho Administrativo de Defesa Economica (CADE) has approved a multi-billion proposed combination between Saipem and its Norwegian rival Subsea7 SUBC.OL, the Italian energy contractor said on Wednesday.

Subsea7 and Saipem SPMI.MI have committed to divest Seven Borealis, a pipelay and heavy lift vessel able to operate in very harsh environment, to address the competition concerns raised by CADE's tribunal during its review.

Brazil's approval is an important step towards the completion of the deal, which is still under review by other antitrust authorities.

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