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CADE Approves The Combination Of Subsea7 And Saipem

By Reuters News

Nov 4 (Reuters) - Subsea 7 S.A. SUBC.OL:

  • CADE APPROVES THE COMBINATION OF SUBSEA7 AND SAIPEM

  • TRIBUNAL OF BRAZIL'S CONSELHO ADMINISTRATIVO DE DEFESA ECONÔMICA (CADE) APPROVES PROPOSED COMBINATION OF SUBSEA7, SAIPEM TO CREATE SAIPEM7

  • SUBSEA7 AND SAIPEM TO DIVEST SEVEN BOREALIS TO ADDRESS CADE COMPETITION CONCERNS

  • DIVESTITURE COMMITMENT INCLUDES PROVISIONS FOR CONTINUITY OF EXISTING PROJECT BACKLOG

  • DIVESTITURE NOT EXPECTED TO MATERIALLY AFFECT STRATEGIC RATIONALE; SYNERGIES CONFIRMED

  • SUBSEA7 AND SAIPEM REMAIN COMMITTED TO COMBINATION; WORKING TO SATISFY REMAINING CONDITIONS

Further company coverage: SUBC.OL

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