EU regulators extend Saipem, Subsea 7 deadline by 3 weeks to December 16
EU regulators extend Saipem, Subsea 7 deadline by 3 weeks to December 16 BRUSSELS, July 30 (Reuters) - EU antitrust regulators have extended their deadline on whether to clear Italian energy contractor Saipem's SPMI.MI merger with Norwegian peer Subsea 7 SUBC.OL by about three weeks, according to a European Commission filing.
The Commission, which acts as the EU competition enforcer, said the 14-working day extension pushed the deadline to December 16. It did not provide details.
The deal to create a leading global player in offshore energy services, from drilling and engineering to laying subsea infrastructure for offshore oil and gas projects, triggered a full-scale EU investigation earlier this month.
The companies would likely have to offer remedies to secure EU approval, to counter concerns that the deal may result in price hikes and reduce competition.
(Reporting by Foo Yun Chee; Editing by Susan Fenton)
((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
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