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EU mergers and takeovers (Aug 8)

Published 2018-08-08, 09:44 a/m
EU mergers and takeovers (Aug 8)

BRUSSELS, Aug 8 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- British private equity firm Watling Street Capital Partners to acquire French insurer Sisaho International and its subsidiaries (approved Aug. 7)

NEW LISTINGS

-- Canadian real estate investor Ivanhoe Cambridge, which is a subsidiary of Canadian pension manager Caisse de depot et placement du Quebec, and Canada's Public Sector Pension Investment Board to recapitalize several Ivanhoe limited partnerships (notified Aug. 1/deadline Sept. 6/simplified)

EXTENSIONS AND OTHER CHANGES

-- 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 Nov. 30 after deadline suspension ended Aug. 6)

FIRST-STAGE REVIEWS BY DEADLINE

AUG 17

-- French insurer Axa AXAF.PA to acquire XL Group (notified July 12/deadline Aug. 17/simplified)

-- HK conglomerate CK Hutchison 0001.HK to acquire sole control of Italian mobile network Wind Tre from Dutch mobile operator Veon VON.AS (notified July 12/deadline Aug. 17)

AUG 20

-- U.S. investment company Cerberus Group to acquire French ground handling services operator WES Global Holding (notified July 13/deadline Aug. 20/simplified)

AUG 21

-- Norway's DNB Bank DNB.OL and Norwegian consumer goods company Orkla ORK.OL to set up a joint venture (notified July 16/deadline Aug. 21/simplified)

-- Private equity firm KKR KKR.N to acquire German IT services provider Sellbytel Group (notified July 16/deadline Aug. 21/simplified)

AUG 22

-- Private equity firm HgCapital to acquire software company Allocate from private equity firm Vista Equity Partners (notified July 17/deadline Aug. 22)

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AUG 23

-- Private equity firms S.L.04 and Ambienta SFT to acquire joint control of cosmetic packager Pibiplast S.p.A. (notified July 18/deadline Aug. 23/simplified)

AUG 24

-- 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. 24)

AUG 27

-- U.S. consumer products maker Procter & Gamble PG.N to acquire German peer Merck (NYSE:MRK) KGaA's MRCG.DE consumer health business (notified July 20/deadline Aug. 27)

-- U.S. cargo shipping company Maritime Holdings and German peer Zeaborn to set up a joint venture (notified July 20/deadline Aug. 27/simplified)

-- Private equity firm Blackstone (NYSE:BX) BX.N to acquire French storage maker Averys (notified July 20/deadline Aug. 27/simplified)

AUG 28

-- French company Europe Intermodal Holding, which is a unit of French group SNCF Mobilites SNCF.UL , and Spanish holding company Krone-Mur Servifrio to acquire joint control of Spanish freight transport company Krone-Mur Primavia (notified July 23/deadline Aug. 28/simplified)

AUG 30

-- FSN Capital V to acquire Norwegian holding company Saferoad Holding (notified July 25/deadline Aug. 30/simplified)

-- U.S. private equity firms Bain Capital and Vista Equity Partners Management to acquire joint control of the public sector businesses of Aptean Public Sector, Superion and Tritech (notified July 25/deadline Aug. 30/simplified)

-- UK infrastructure support services provider Amey Group to acquire the rest of UK repair and maintenance services company CarillionAmey Ltd from Carillion Holdings Ltd CLLN.L (notified July 25/deadline Aug. 30/simplified)

-- German carmaker Porsche PSHG_p.DE and German industrial company Schuler SCUGe.MU to set up a joint venture (notified July 25/deadline Aug. 30/simplified)

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AUG 31

-- German food retailers Schwarz Gruppe to acquire waste management companies Karl Toensmeter Entsorgungswirtschaft and Toenmeier Dienstleistung (notified July 26/deadline Aug. 31/simplified)

SEPT 3

-- Japanese company Sumitomo Corp 8053.T and Italian software provider Tierra to set up a joint venture (notified July 27/deadline Sept. 3/simplified)

-- Singapore's Sheares Healthcare to acquire joint control of Singapore peer Asia Healthcare Holdings Pte Ltd which is currently solely controlled by U.S. private investment firm TPG Growth III SF Pte Ltd (notified July 27/deadline Sept. 3/simplified)

-- Asset manager IFM Investors Pty Ltd to acquire waste management company Aqualia from Spanish industrial company Fomento de Construcciones y Contratas S.A. (notified July 27/deadline Sept. 3/simplified)

-- French utility Engie ENGIE.PA and French supermarket chain Casino's photovoltaic subsidiary Greenyellow to set up a joint venture (notified July 27/deadline Sept. 3/simplified)

SEPT 4

-- Portuguese retail conglomerate Sonae YSO.LS to acquire Portuguese retail real estate group Sonae Sierra SGPS. S.A. SONER.UL (notified July 30/deadline Sept. 4/simplified)

-- Insurers AMF Pensionförsäkring AB (AMF) and Kommunal Landspensjonskassegjensidig forsikringsselskap (KLP) to acquire Swedish windfarm builder Stena Renewable (notified July 30/deadline Sept. 4/simplified)

-- 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)

SEPT 5

-- Luxembourg investment company JAB Holding Co S.a.r.l. to acquire British food outlet Pret a Manger IPO-PRET.L (notified July 31/deadlinie Sept. 5)

-- Jera Trading, which is a joint venture between Jera Co and EDF (PA:EDF) Trading Ltd (EDFT) EDFTR.UL , to acquire EDFT's LNG trading business (notified July 31/deadline Sept. 5/simplified)

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-- French carmaker PGA Motors and Fiber to acquire joint control of auto dealer and car parts distributor Bernard Participations (notified July 31/deadline Sept. 5)

SEPT 6

-- Asset manager Carlyle Group CG.O to acquire Dutch chemicals and paints company Akzo Nobel 's AKZO.AS chemicals business (notified Aug. 1/deadline Sept. 6/simplified)

-- Chinese conglomerate Fosun International 0656.HK to acquire Austrian automated production systems maker FFT Gesellschaft mbH (notified Aug. 1/deadline Sept. 6/simplified)

NOV 29

-- Copper company KME, which is part of Intek Group IKG.MI , to acquire German peer MKM Mansfelder Kupfer and Messing GmbH (notified June 4/deadline extended to Nov. 29 from July 23 after the European Commission opened an in-depth investigation)

DEC 19

-- Siemens SIEGn.DE and Alstom ALSO.PA to merge their railway operations (notified June 8/deadline extended to Dec. 19 from Nov. 21 after the companies asked for more time)

JAN 3

-- German copper products maker Wieland-Werke to acquire German copper smelter Aurubis' NAFG.DE flat rolled products unit Products Schwermetall (notified June 13/deadline extended to Jan. 3 from Dec. 10 after the companies asked for more time)

JAN 8

-- French aerospace and defence group Thales TCFP.PA to acquire Franco-Dutch chipmaker Gemalto GTO.AS (notified June 18/deadline extended to Jan. 8 from Nov. 29 from July 23 after the companies asked for more time)

SUSPENDED DEADLINE

-- German company BASF BASFn.DE to acquire Belgian chemicals company Solvay 's SOLB.BR worldwide polyamide business (notified May 22/deadline suspended on July 17)

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.

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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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