What Happened
Regulator Expands Probe Into Energy Contractors' Proposed Tie-Up
The Australian Competition and Consumer Commission (ACCC) has announced a second-phase review of the proposed merger between energy contractors Subsea7 and Saipem, citing concerns over reduced competition in key offshore oil and gas services. The decision comes after Brazil’s antitrust agency approved the merger without conditions, and despite opposition from major oil firms, including Exxon Mobil and TotalEnergies. The ACCC will conduct further inquiries and seek more information about the likely competitive effects of the proposed merger, as reported by Reuters.