European Commission Pauses Phase II Review of Saipem–Subsea7 Merger
The European Commission paused its Phase II antitrust review of the proposed all-share merger between Saipem and Subsea7, effective August 25, 2026. The review timetable will restart only after regulators deem the parties’ information complete, risking delays into early 2027. The Commission cited serious SURF market competition concerns, despite a planned €450 million special dividend before completion.