EU mergers and takeovers (Jan 6)
06/01/2017 11:20
BRUSSELS, Jan 6 (Reuters) - The following are mergers under
review by the European Commission and a brief guide to the EU
merger process:
APPROVALS AND WITHDRAWALS
-- U.S. conglomerate Koch Industries KCHIN.UL to acquire
U.S. peer Guardian Industries (approved Jan. 6)
NEW LISTINGS
-- U.S. factory automation equipment maker Emerson Electric
Co EMR.N to buy pump manufacturer Pentair Plc's PNR.N valves
and controls business (notified Jan. 3/deadline Feb. 7)
-- Sumitomo Rubber Industries Ltd 5110.T to buy UK firm
Micheldever Group (notified Jan. 5/deadline Feb. 2/simplified)
EXTENSIONS AND OTHER CHANGES
-- Chinese state-owned company China National Chemical Corp
(ChemChina) CNNCC.UL to acquire Swiss pesticides and seeds
group Syngenta SYNN.S (notified Sept. 23/deadline extended to
April 12)
-- UK engineering company Smiths Group SMIN.L to acquire
U.S.-based Morpho Detection from French aerospace company Safran
SAF.PA (notified Nov. 23/deadline Jan. 19 after commitments
submitted)
-- Chinese insurance company Fosun to acquire German fashion
house Tom Tailor (withdrawn on Dec. 14)
FIRST-STAGE REVIEWS BY DEADLINE
JAN 11
-- U.S. medical devices maker Abbott Laboratories ABT.N to
acquire U.S. diagnostics company Alere ALR.N (notified Nov.
29/deadline Jan. 11)
JAN 13
-- Investment firm HIG Capital to acquire shares in Dutch
recycling company Ecore (notified Dec. 1/deadline Jan.
13/simplifed)
JAN 17
-- German automotive parts supplier Rheinmetall Automotive
and Chinese automobile radiator company Zhejan Yinlun Machinery
to form joint venture JV (notified Dec. 5/deadline Jan.
17/simplified procedure)
-- U.S. investment firm KKR & Co. KKR.N to take sole
control of Japanese auto parts supplier Calsonic Kansei Corp
7248.T (notified Dec. 5/deadline Jan. 17/simplified)
JAN 18
-- Private equity firm Permira to acquire online fashion
products retailer Schustermann & Borenstein (notified Dec.
6/deadline Jan. 18/simplified)
-- Private equity firm Permira PERM.UL to acquire German
fashion retailer and exporter Schustermann & Borenstein
(notified Dec. 6/deadline Jan. 18/simplified)
JAN 19
-- Smiths Detection U.S. Holdings, subsidiary of British
technology group Smiths Group SMIN.L , to acquire sole control
of U.S.-based Morpho Detection (notified Nov. 23/deadline Jan.
19)
JAN 20
-- U.S. investment group KKR KKR.N to acquire a majority
stake in Swedish bed and mattress maker Hilding Anders HIDIN.UL
(notified Dec. 8/deadline Jan. 20/simplified)
-- South Africa's Barloworld Ltd BAWJ.J and Germany's
BayWa BYWGnx.DE to establish BHBW joint venture for
agriculture and materials handling operations in southern Africa
(notified Dec. 8/deadline Jan. 20/simplified)
-- U.S. investment group KKR KKR.N to acquire a majority
stake in Swedish bed and mattress maker Hilding Anders HIDIN.UL
(notified Dec. 8/deadline Jan. 20/simplified)
-- South Africa's Barloworld Ltd BAWJ.J and Germany's
BayWa BYWGnx.DE to establish BHBW joint venture for
agriculture and materials handling operations in southern
Africa. (notified Dec. 8/deadline Jan. 20/simplified)
JAN 23
-- France's Schneider Electric SCHN.PA and DB Energie to
form a joint venture (notified Dec. 9/deadline Jan.
23/simplified)
JAN 25
-- Japanese holding company Sompo Holdings Inc 8630.T to
acquire New York-listed insurer Endurance Specialty Holdings Ltd
ENH.N (notified Dec. 13/deadline Jan. 25/simplified)
JAN 26
-- Japan's Mitsubishi Chemical Holdings Corporation 4188.T
and Ube Industries 4208.T to acquire joint control of
electrolytes makers Changshu MC Ionic Solutions CN Co Ltd and
AET Electrolyte Technologies (Zhangjiagang) Co. Ltd (notified
Dec. 14/deadline Jan. 26/simplified)
-- EP Investment and EP Investment II to jointly acquire
Czech utility Energeticky a prumyslovy holding, a.s. (EPH)
(notified Dec. 14/deadline Jan. 26/simplified)
JAN 30
-- ArcelorMittal Distribution Services France ISPA.AS and
Cellino to create a joint venture Steelcame Srl active in
industrial sheet metal workshop and steel distribution (notified
Dec. 16/deadline Jan 30)
JAN 31
-- Hitachi Chemical Company 6501.T and Italy's Fiamm to
form joint venture in automotive and industrial lead-acid
batteries (notified Dec. 19/deadline Jan 31/simplified)
-- Austria's Alpha Bank ACBr.AT and investment management
firm Centerbridge to take joint control over debt management
service coordinator Kaican (notified Dec. 19/deadline Jan
31/simplified)
FEB 2
-- REI Germany Cross Docks and CBRE Group Inc together with
Poste Vita to acquire indirect joint control of over 10 real
estate assets in Germany (notified Dec. 21/deadline Feb.
2/simplified)
-- Private equity investor Advent International Corp to
acquire industrial parts maker Brammer BRAM.L (notified Dec.
21/deadline Feb. 2/simplified)
-- Canada-listed holding company Fairfax and Sagard
Holdings, a subsidiary of Power Corporation of Canada POW.TO ,
to acquire joint control of sports good manufacturer PSG
(notified Dec. 21/deadline Feb. 2/simplified)
FEB 3
-- Private equity firm Cerberus Group to buy majority stake
in Staples Europe from Staples SPLS.O (notified Dec.
22/deadline Feb. 3/simplified)
-- UK private equity fund adviser Apax Partners to take sole
control of diagnostic service provider Unilabs (notified Dec.
22/deadline Feb. 3/simplified)
FEB 6
-- TPG Capital to acquire majority stake in Intel Corp's
INTC.O cyber security unit (notified Dec. 23/deadline Feb.
6/simplified)
-- Bunge BG.N to buy two European oilseed processing
facilities from Cargill (notified Dec. 23/deadline Feb. 6)
-- Swedish private equity fund Altor Fund IV to acquire rest
of customer service provider Transcom Worldwide (notified Dec.
23/deadline Feb. 6/simplified)
FEB 23
-- German cement producers Heidelbergcement HEIG.DE and
Schwenk to jointly acquire Mexican peer Cemex's CMXCPO.MX
Croatian unit (notified Sept. 5/deadline extended to Feb. 23
from Oct. 10 after the European Commission opened an in-depth
investigation)
FEB 28
-- U.S. chemicals company Dow Chemical DOW.N to merge with
DuPont DD.N (notified June 22/deadline Feb. 28)
MARCH 13
-- Deutsche Boerse DB1Gn.DE and the London Stock Exchange
LSE.L plan to merge (notified Aug. 24/deadline extended to
March 6 from Feb. 13 after the companies asked for more time,
then by further five working days)
MARCH 29
SUSPENDED
-- Azerbaijan's state energy company SOCAR to buy stakes in
Greek natural gas grid operator DESFA from Greek natural gas
utility DEPA (notified Oct. 1/deadline suspended on Jan. 21)
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.
(Compiled by Foo Yun Chee)
((Brussels newsroom; +32 2 287 68 30;
brussels.newsroom@thomsonreuters.com))
Keywords: EU MERGERS/