What was CADE's decision regarding the Subsea7-Saipem merger, and what does it mean for the transaction?

CADE's General Superintendence approved the merger between Subsea7 and Saipem without restrictions, as confirmed by a document seen by Reuters. This unconditional approval means the deal can proceed as proposed, though it remains subject to potential appeals by third parties opposing the transaction.

Why did major oil companies like ExxonMobil, Petrobras, and TotalEnergies oppose the merger?

ExxonMobil, Petrobras, and TotalEnergies opposed the merger because they fear the combined entity—proposed to be named Saipem7—would gain sufficient market power to impose additional costs, delay projects, and pressure clients into exclusive long-term contracts.

Brazil Antitrust Agency Approves Subsea7-Saipem Merger Without Restrictions

Jun 23, 2026

Brazil's antitrust watchdog CADE approved the merger between offshore contractors Subsea7 and Saipem without restrictions, despite opposition from major oil companies concerned about potential cost increases and project delays.

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