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Italian energy contractor Saipem's merger with Norwegian peer Subsea 7 may lead to price ​hikes and less innovation, EU antitrust regulators warned on ‌Wednesday as they opened a full-scale investigation.

Turkey's competition authority has approved the merger between Italian ​energy contractor Saipem and its Norwegian ‌rival Subsea7 , an update published on the authority's website showed.

EU antitrust regulators are ​set to open ‌a full-scale investigation into Saipem's merger with ​Norwegian peer ​Subsea 7 because of ⁠competition concerns, people ​with direct knowledge ​of the matter said.

An Australian watchdog said on Friday the proposed merger between energy contractors Subsea7 and Saipem ​will proceed to a Phase 2 review, citing ‌concerns that a deal could trim competition in domestic offshore oil and gas projects.

Italian energy contractor Saipem has agreed to sell its shallow-water offshore drilling ​business in Saudi Arabia in a ‌deal worth $285 million, the company said on Wednesday.