Saipem’s shareholders approve of merger with Subsea7

Core Viewpoint - Saipem's shareholders have approved the merger with Subsea7, which is expected to be completed in the second half of 2026 [1][2]. Group 1: Merger Details - The merger was unanimously approved by shareholders representing 62.15% of the voting share capital at an extraordinary shareholders' meeting [1]. - The merger follows a binding agreement made in July and a memorandum of understanding signed in February [2]. - The merger will occur through an EU cross-border statutory process, with Subsea7 being absorbed into Saipem, which will be renamed Saipem7 [2]. Group 2: Ownership Structure - Siem Industries will own approximately 11.8% of the combined company, while Eni and CDP Equity will hold 10.6% and 6.4%, respectively [3]. - The new entity, Saipem7, is projected to have core earnings exceeding €2 billion ($2.4 billion), an order backlog of €43 billion, and revenue around €21 billion [3]. Group 3: Business Operations - Saipem7 will operate in four business areas: offshore engineering and construction, onshore engineering and construction, sustainable infrastructures, and offshore drilling [4]. - The Subsea7 business will function as an autonomous company under the brand 'Subsea7, a Saipem7 Company', incorporated in the UK with headquarters in London [4]. Group 4: Regulatory Concerns - ExxonMobil, Petrobras, and TechnipFMC have raised objections to the merger, urging Brazil's antitrust regulator to block the transaction and requesting participation in the review process [5].