Oil majors in Brazil join forces to oppose Subsea 7-Saipem merger

On Friday, weeks after receiving the comment from IBP, which represents oil majors in Brazil, Cade asked both firms for more data, saying it lacked information necessary for analysis of the proposed merger.

In separate statements to Reuters, both Subsea7 and Saipem said they were engaging with Cade and relevant authorities in line with terms of their merger agreement filed in July.

IBP declined to comment, and Cade referred Reuters to public documents. If realised, the combined group will have an order backlog of €43 billion ($49.9 billion), revenue of about €21 billion and core earnings of more than €2 billion, the companies said in their July merger statement.