Merger deal needs time

摘要

OFFSHORE accommodation players Prosafe and Floatel International have applied for an extension with the UK authorities to determine whether to proceed to the next stage of their proposed merger. The planned all-stock transaction was due to be completed in the third quarter but recently ran into a regulatory hurdle when the UK's Competition & Markets Authority (CMA) said it could not be cleared unconditionally in phase one of a process to determine whether it complies with anti-trust regulations.