The Turkish Competition Board has cleared the path for the merger between Saipem and Subsea7, paving the way for the creation of a global energy giant. The £3.8 billion deal is expected to result in significant cost savings and increased efficiency for the combined company, which will operate in over 70 countries.
Founded in 1968, Saipem has established itself as a major player in the oil and gas sector, with a presence in Africa, Asia, Europe, and the Americas. Subsea7, on the other hand, has a strong presence in the North Sea and has been involved in several high-profile projects in the region.
The merger is expected to have a positive impact on the FTSE 100 index, with analysts predicting a boost to the index's energy sector. However, the impact on individual investors and savers remains to be seen, as the deal's effects on share prices and dividends are still unclear.
The merged company will have a combined workforce of over 30,000 employees and will be one of the largest energy companies in the world. The deal is expected to create a significant presence for the combined company in the UK, with a number of major projects already underway in the country.
The approval from the Turkish Competition Board is a significant milestone in the deal's progression, and it is likely that the merger will be finalised in the coming months. However, the exact timeline for the deal's completion remains unclear.