EU mergers and takeovers (April 25) (updated)
25/04/2018 18:14
(Adds approved mergers)
BRUSSELS, April 25 (Reuters) - The following are mergers
under review by the European Commission and a brief guide to the
EU merger process:
APPROVALS AND WITHDRAWALS
-- Investment advisor Black Diamond Capital Management to
acquire car leather maker GST AutoLeather (approved April 24)
-- Chinese carmaker Zhejiang Geely Holding Group GEELY.UL
to acquire control of Denmark's Saxo Bank (approved April 24)
NEW LISTINGS
-- French prepaid meal voucher and card provider Edenred
EDEN.PA to increase its stake in fuel cards issuer UTA
(notified April 24/deadline June 5/simplified)
-- Japanese chemicals company Kuraray 3405.T , Thai
petrochemicals group PTT Global Chemical Public Company
PTTGC.BK and Japan's Sumitomo Corp 8053.T to set up a joint
venture (notified April 23/deadline June 4/simplified)
-- Swedish bank Skandinaviska Enskilda Banken AB (SEB)
SEBa.ST to acquire lamp maker Aura Light International AB
(notified April 19/deadline May 31/simplified)
EXTENSIONS AND OTHER CHANGES
-- South African chemicals company Tronox TROX.N to
acquire the titanium dioxide business of Cristal, a subsidiary
of Saudi Arabia's Tasnee (notified Nov. 15/deadline extended to
June 21 from June 7)
FIRST-STAGE REVIEWS BY DEADLINE
APRIL 30
-- Germany's BASF BASFn.DE to acquire businesses from
Bayer BAYGn.DE (notified March 7/deadline extended to April 30
from April 16 after BASF offered concessions)
MAY 3
-- U.S. auto parts retailer LKQ Corp LKQ.O to acquire
German peer Stahlgruber (notified March 9/deadline extended to
May 3 from April 18 after the German national competition
authority requested to take over the case)
MAY 4
-- U.S. aerospace and industrial company United Technologies
Corp UTX.N to acquire avionics maker Rockwell Collins COL.N
(notified March 12/deadline extended to May 4 from April 19
after UTC offered concessions)
-- U.S. wheel parts supplier Accuride, which is controlled
by private equity firm Crestview L.L.C., to acquire German peer
Metro Wheels (notified March 12/deadline extended to May 4 from
April 19 after Accuride submitted concessions)
MAY 8
-- Italian cable company Prysmian PRY.MI to acquire U.S.
peer General Cable BGC.N (notified March 28/deadline May 8)
-- Belgian metals company Viohalco VIOH.BR and Belgian
holding company Koramic to set up a joint venture (notified
March 28/deadline May 8/simplified)
MAY 14
-- Swiss logistics company Panalpina PWTN.S and Dutch
Flower Group to acquire joint control of Panalpina's Dutch
perishables business (notified April 3/deadline May
14/simplified)
-- German rolling stock and train financing company Mitsui
Rail Capital Europe GmBH and Germany's Siemens SIEGn.DE to set
up a joint venture (notified April 3/deadline May 14/simplified)
MAY 15
-- U.S. cable company Liberty Global LBTYA.O to acquire
Dutch peer Ziggo (notified April 4/deadline May 15)
MAY 23
-- Apollo Capital Management to acquire Cyprus Cooperative
Bank (notified April 11/deadline May 23/simplified)
-- British paper company Mondi MNDJ.J to acquire Finnish
corrugated case materials maker Powerflute (notified April
11/deadline May 23)
-- Luxembourg-based steelmaker ArcelorMittal MT.AS to
acquire Italian steel plant (notified Sept. 21/deadline extended
to May 23 after ArcelorMittal offered concessions)
MAY 25
-- Global asset manager The Carlyle Group CG.O to acquire
Accolade Wines Holdings Australia and Accolade Wines Holdings
Europe (notified April 13/deadline May 25/simplified)
MAY 28
-- U.S coatings maker Axalta Coating Systems AXTA.N to
acquire wire enamel manufacturer IVA's European and Chinese
operations (notified April 16/deadline May 28)
-- U.S. agricultural merchant Archer Daniels Midland ADM.N
and agricultural trading house Cargill CARG.UL to set up a
joint venture in Egypt (notified April 16/deadline May
28/simplified)
MAY 29
-- Asset management firms Avenue Capital, Pemberton and
private equity firm Permira to jointly acquire luggage bags
maker Delsey (notified April 17/deadline May 29/simplified)
MAY 30
-- Global asset management company Carlyle CG.O and U.S.
investment company TA Associates to jointly acquire sales
marketing company Discoverorg which is now solely controlled by
TA Associates (notified April 18/deadline May 30/simplified)
MAY 31
-- Private equity firm Advent International to acquire
British electronics and technnology company Laird LRD.L
(notified April 19/deadline May 31/simplified)
JUNE 1
-- Swiss engineering company ABB ABBN.S to acquire General
Electric's GE.N industrial solutions business (notified April
20/deadline June 1)
AUG 9
-- German industrial gases group Linde LING.DE to merge
with U.S. peer Praxair PX.N (notified Jan. 12/ deadline
extended to Aug. 9)
SEPT 4
-- iPhone maker Apple AAPL.O to acquire UK music streaming
service Shazam (notified March 14/deadline extended to Sept. 4
from April 23 after the European Commission opened an in-depth
investigation)
GUIDE TO EU MERGER PROCESS
DEADLINES:
The European Commission has 25 working days after a deal is
filed for a first-stage review. It may extend that by 10 working
days to 35 working days, to consider either a company's proposed
remedies or an EU member state's request to handle the case.
Most mergers win approval but occasionally the Commission
opens a detailed second-stage investigation for up to 90
additional working days, which it may extend to 105 working
days.
SIMPLIFIED:
Under the simplified procedure, the Commission announces the
clearance of uncontroversial first-stage mergers without giving
any reason for its decision. Cases may be reclassified as
non-simplified - that is, ordinary first-stage reviews - until
they are approved.
(Reporting by Foo Yun Chee)
((foo.yunchee@thomsonreuters.com; +32 2 2876850; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))