MILAN (Reuters) – Italian oil services company Saipem is close to a merger with Norwegian rival Subsea 7, Italian newspaper La Repubblica reported on Sunday without citing sources.
The potential deal would create an oil services giant with combined revenue of about 18 billion euros ($18.82 billion), the paper said without providing further financial details.
The Italian company controlled by oil major Eni and Italian state lender Cassa Depositi e Prestiti (CDP) held talks with Subsea 7 over a possible tie-up several years ago but negotiations fell through.
Saipem declined to comment on Sunday’s report and Subsea 7 did not respond immediately to an emailed request for comment.
Eni and CDP are due to hold extraordinary board meetings on Sunday to approve the plan, La Repubblica said.
Representatives of Eni and CDP were not immediately available to comment.
The proposed deal is likely to be a merger of equals, the newspaper added.
($1 = 0.9562 euros)
(Reporting by Sara Rossi, additional reporting by Francesca Landini and Giuseppe Fonte; Editing by David Goodman)
