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EU mergers and takeovers (April 26)

Published 2018-04-26, 12:25 p/m
EU mergers and takeovers (April 26)

BRUSSELS, April 26 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- Belgian metals company Viohalco VIOH.BR and Belgian holding company Koramic to set up a joint venture (approved April 25)

NEW LISTINGS

-- 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)

-- 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)

EXTENSIONS AND OTHER CHANGES

None

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 (NYSE:UTX) UTX.N to acquire avionics maker Rockwell Collins (NYSE:COL) COL.N (notified March 12/deadline extended to May 4 from April 19 after UTC offered concessions)

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-- 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)

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 (LON:MNDI) 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)

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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

-- 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 (NYSE:GE)'s GE.N industrial solutions business (notified April 20/deadline June 1)

JUNE 4

-- 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)

JUNE 5

-- 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)

JUNE 21

-- 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)

AUG 9

-- German industrial gases group Linde LING.DE to merge with U.S. peer Praxair (NYSE:PX) 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)

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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.

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