EU mergers and takeovers (May 24)
24/05/2018 16:26
BRUSSELS, May 24 (Reuters) - The following are mergers under
review by the European Commission and a brief guide to the EU
merger process:
APPROVALS AND WITHDRAWALS
-- British paper company Mondi MNDJ.J to acquire Finnish
corrugated case materials maker Powerflute (approved May 23)
-- 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 (approved May 23)
-- French prepaid meal voucher and card provider Edenred
EDEN.PA to increase its stake in fuel cards issuer UTA
(approved May 23)
NEW LISTINGS
-- German travel group TUI TUIGn.DE to acquire Spain's
Hotelbeds Group's destinations services business (notified May
23/deadline June 27/simplified)
-- U.S. asset manager Blackstone BX.N to acquire Spanish
gaming company Cirsa (notified May 22/deadline June
26/simplified)
-- German company BASF BASFn.DE to acquire Belgian
chemicals company Solvay's SOLB.BR worldwide polyamide
business (notified May 22/deadline June 26)
-- Austrian construction company Strabag STRV.VI and
German peer Max Boegl International to set up a joint venture
(notified May 22/deadline June 26/simplified)
-- Investment bank Goldman Sachs GS.N and private equity
firm Antin Infrastructure Partners to jointly acquire British
fibre network operator Cityfibre Infrastructure Holdings
CITYC.L (notified May 15/deadline June 20/simplified)
-- Canadian private equity firm Onex and U.S. investment
fund Vista to acquire joint control of software company Severin
Topco (notified May 14/deadline June 19/simplified)
EXTENSIONS AND OTHER CHANGES
None
FIRST-STAGE REVIEWS BY DEADLINE
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)
MAY 30
-- U.S. cable company Liberty Global LBTYA.O to acquire
Dutch peer Ziggo (notified April 4/deadline extended to May 30
from May 15 after Liberty Global offered concessions)
-- 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
-- Swedish bank Skandinaviska Enskilda Banken AB (SEB)
SEBa.ST to acquire lamp maker Aura Light International AB
(notified April 19/deadline May 31/simplified)
-- 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)
JUNE 5
-- Canadian pension fund OTPP and asset management company
Carlyle Group CG.O to jointly acquire French campsite operator
European Camping Group, which is now solely controlled by
Carlyle Group (notified April 24/deadline June 5/simplified)
JUNE 6
-- UK private equity group 3i Group Plc III.L to acquire a
35 percent stake in ferry operator Scandlines after selling the
company to infrastructure funds First State Investments and
Hermes Investment Management (notified April 25/deadline June
6/simplified)
-- Japanese electronics company Alps Electric Co 6770.T to
acquire Japanese car infotainment systems maker Alpine
Electronics 6816.T (notified April 25/deadline June
6/simplified)
JUNE 7
-- German power grid makers Stadtwerke Olching and
Bayernwerk Net to set up two joint ventures (notified April
26/deadline June 7/simplified)
JUNE 8
-- Private equity firm One Equity Partners to acquire
packaging company Walki Holding (notified April 27/deadline June
8/simplified)
JUNE 11
-- Investment firm HPS Investment Partners and Madison
Dearborn Partners to acquire joint control of UK insurance
broker Capita Specialist Insurance Soluions Ld (notified April
30/deadline June 11/simplified)
-- U.S. insurer American International Group AIG.N to
acquire Bermuda-based reinsurer Validus Holdings Ltd VR.N
(notified April 30/deadline June 11/simplified)
JUNE 12
-- 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 12 from June 7)
-- Deutsche Telekom DTEGn.DE to acquire Swedish peer
Tele2's TEL2b.ST Dutch unit and merge it with its Dutch
business T-Mobile Nederland (notified May 2/deadline June 12)
JUNE 13
-- Private equity firm Rhone Capital LLC and founders of
swimming pool equipment maker Fluidra to acquire joint control
of the merged Fluidra and its peer Zodiac Holdco (notified May
3/deadline June 13)
JUNE 14
-- Private equity funds Altor Funds to acquire Swedish
packaging company Trioplast Idustrier (notified May 4/deadline
June 14/simplified)
-- Private equity firm AEA Investors and investment firm
British Columbia Investment Management Corp to acquire joint
control of window coverings maker SIWF Holdings Inc (Springs)
(notified May 4/deadline June 14/simplified)
-- Private equity firm Platinum Equity to acquire U.S.
pharmaceutical company Johnson & Johnson's JNJ.N blood glucose
monitoring business LifeScan (notified May 4/deadline June
14/simplified)
-- U.S. real estate investment company Kennedy Wilson KW.N
and French insurer Axa AXAF.PA to set up a joint venture
(notified May 4/deadline June 14/simplified)
JUNE 15
-- U.S. tyre maker Goodyear and Japanese peer Bridgestone
5108.T to acquire joint control of joint venture Tirehub,
which will combine the U.S. tyre wholesale distribution
businesses of both companies (notified May 7/deadline June
15/simplified)
-- Finnish utility Fortum FORTUM.HE to acquire a
controlling stake in German peer Uniper UN01.DE from German
energy company E.ON EONGn.DE (notified May 7/deadline June 15)
-- U.S. cable operator Comcast's CMCSA.O to acquire
British pay-TV company Sky SKYB.L (notified May 7/deadline
June 15)
JUNE 18
-- Private equity firms HG Capital and TA Associates to
acquire joint control of software company Access Group, which is
now solely controlled by TA (notified May 8/deadline June
18/simplified)
JUNE 19
-- Oaktree Capital Group and Spanish real estate holding
company Bitarte, which is a unit of Spanish bank Banco de
Sabadell SABE.MC , to set up a joint venture (notified May
14/deadline June 19/simplified)
JUNE 20
-- UK infrastructure management company AMP Capital and
Spanish airport infrastructure management company Aena
Internacional to jointly acquire Luton Airport (notified May
15/deadline June 20/simplified)
JUNE 25
-- U.S. private equity firms HPS Investment Partners and
Madison Dearborn Partners to acquire joint control of UK risk
management services provider Professional Fee Protection Ltd
(notified May 18/deadline June 25/simplified)
-- T-Mobile Austria, which is a unit of German telecoms
company Deutsche Telekom DTEGn.DE , to acquire UPC Austria,
which is a subsidiary of cable operator UPC (notified May
18/deadline June 25)
JUNE 26
-- Private equity firm Permira to acquire tech software
company Exclusive Group (notified May 22/deadline June
26/simplified)
-- German companies Thyssen Alfa and Max Aicher Recycling to
acquire joint control of Noris Metallrecycling (notified May
22/deadline June 26/simplified)
-- Chinese car parts maker Beijing Automotive Group's
subsidiary BHAP and Spanish peer Gestamp Automocion GEST.MC to
set up a joint venture (notified May 18/deadline June
26/simplified)
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))