Australia orders in-depth review of Exxon-opposed Subsea7-Saipem merger

Australia’s competition watchdog will move the proposed Subsea7–Saipem merger into a Phase 2 review, flagging that the deal could reduce competition in domestic offshore oil and gas projects. The progression to a deeper regulatory review raises deal-timing and approval risk, likely weighing near-term on the companies involved.

Analysis

Australia’s competition watchdog will move the proposed Subsea7–Saipem merger into a Phase 2 review, flagging that the deal could reduce competition in domestic offshore oil and gas projects. The progression to a deeper regulatory review raises deal-timing and approval risk, likely weighing near-term on the companies involved.