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EU mergers and takeovers (March 13)

Published 2018-03-13, 03:23 p/m
© Reuters.  EU mergers and takeovers (March 13)

BRUSSELS, March 13 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- German steel company ELG Haniel and and Spanish peer Iberinox 88 SA to set up a joint venture (approved March 12)

-- Caisse de depot et placement du Quebec and IFM Investors to take joint control of Mexican toll road operator Conmex (approved March 12)

-- Goldman Sachs (NYSE:GS) GS.N and Centerbridge Partners to acquire joint control of Polish real estate developer Robyg (approved March 12)

NEW LISTINGS

-- 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 April 19)

-- Cerberus Capital Management CBS.UL to acquire Spanish bank BBVA's BBVA.MC real estate business (notified March 9/deadline April 18/simplified)

-- U.S. auto parts retailer LKQ Corp LKQ.O to acquire German peer Stahlgruber (notified March 9/deadline April 18)

-- U.S. conglomerate GE GE.N and Russia oil and natural gas producer Rosneft ROSN.MM to set up a joint venture (notified March 7/deadline April 16/simplified)

-- Investment management firm 3I to acquire Dutch personal care products maker SITS Holding B.V. (notified March 1/deadline April 10/simplified)

EXTENSIONS AND OTHER CHANGES

-- Luxembourg-based steelmaker ArcelorMittal MT.AS to acquire Italian steel plant (notified Sept. 21/deadline extended to April 25 from April 19)

FIRST-STAGE REVIEWS BY DEADLINE

MARCH 14

-- Private equity firm Lone Star to acquire Nordic building materials distributor Stark from British company Ferguson FERG.L (notified Feb. 7/deadline March 14)

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MARCH 15

-- Canada's Brookfield Business Partners BBU_u.TO to acquire a controlling stake in plastic packaging maker Schoeller Allibert from an indirect subsidiary of JPMorgan Chase & Co (NYSE:JPM) JPM.N (notified Feb. 8/deadline March 15/simplified)

MARCH 23

-- Chemicals company Quaker Chemical Corp KWR.N and Hinduja Group's Houghton Internatioal HGINL.UL to merge (notified Feb. 2/deadline extended to March 23 from March 9 after the companies provided concessions)

-- Canada Pension Plan Investment Board (CPPIB) and holding company BHL Holdings Ltd to acquire joint control of BGL (Holdings) Ltd which owns several price comparison websites (notified Feb. 16/deadline March 23/simplified)

MARCH 27

-- APMH Invest, which is a subsidiary of Danish shipper AP Moeller Maersk MAERSKb.CO , and Mitsui & Co 8031.T to set up a joint venture Maersk Product Tankers (notified Feb. 20/deadline March 27/simplified)

-- Marubeni Itochu Steel and Sumitomo Corp 8053.T to acquire joint control of Hiroshima Steel Center Ltd, which is a unit of Marubeni Itochu Steel (notified Feb. 20/deadline March 27/simplified)

MARCH 28

-- French private equity firm Ardian to acquire resin maker DRT (notified Feb. 21/deadline March 28/simplified)

-- Diamond Transmission Corp, which is a unit of Mitsubishi Corp 8058.T and investment vehicle IIO1, and Infrared Capital Partners to set up a joint venture (notified Feb. 21/deadline March 28/simplified)

APRIL 3

-- Private equity firm Advent International to acquire French telephony products distributor Circet Groupe (notified Feb. 22/deadline April 3/simplified)

APRIL 4

-- Swiss luxury goods group Richemont CFR.S to acquire e-commerce portal Yoox Net-A-Porter Group YNAP.MI (notified Feb. 23/deadline April 4/simplified)

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-- Chinese conglomerate Fosun 0656.HK to acquire German pension insurer Pro Bav Pensionskasse (notified Feb. 23/deadline April 4/simplified)

-- Austrian company Borealis BESGR.UL , Canada's Nova Chemicals and French oil and gas major Total TOTF.PA to set up a joint venture (notified Feb. 23/deadline April 4/simplified)

APRIL 5

-- Private equity firm KKE KKR.N to acquire UK car parts maker Tekfor (notified Feb. 26/deadline April 5/simplified)

-- U.S. specialty material company Celanese CE.N and private equity firm Blackstone (NYSE:BX) BX.N to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to April 5 from March 26)

-- German industrial group Bayer BAYGn.DE to acquire U.S. seeds company Monsanto (NYSE:MON) MON.N (notified June 30/deadline extended to April 5 from March 12 after Bayer offered concessions)

APRIL 6

-- Private equity firm KKR KKR.N to acquire Anglo-Dutch consumer products group Unilever 's ULVR.L UNc.AS margarine and spreads business (notified Feb. 27/deadline April 6/simplified)

APRIL 9

-- U.S. software company IBM (NYSE:IBM) IBM.N and Danish shipping company Maersk MAERSKb.CO to set up a joint venture (notified Feb. 28/deadline April 9/simplified)

-- Private equity firm Platinum Equity Group to acquire U.S. hotelier Wyndham Worldwide (NYSE:WYN) Corp's WYN.N European vacation rental business (notified Feb. 28/deadline April 9/simplified)

APRIL 10

-- Australian investment bank Macquarie Group MQG.AX to acquire Danish telecoms company TDC TDC.CO (notified March 1/deadline April 10/simplified)

APRIL 11

-- Apollo Capital Management and JSW Steel Limited to take joint control of Monnet Ispat Energy Limited (notified March 2/deadline April 11/simplified)

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-- Private equity firm Equistone Partners Europe to acquire French leisure travel services providers Fram and Karavel (notified March 2/deadline April 11/simplified)

-- French oil and gas major Total TOTF.PA to acquire part of French gas and power group Engie's ENGIE.PA liquified natural gas business (notified March 2/deadline April 11)

APRIL 16

-- Germany's BASF BASFn.DE to acquire businesses from Bayer BAYGn.DE (notified March. 7/deadline April 16)

-- Lenovo Group 0992.HK and Fujitsu 6702.T to set up a joint venture whereby Lenovo acquires a majority stake in certain assets of Fujitsu's PC business (notified March 7/deadline April 16)

-- Strategic Value Partners to take control of polyurethane foam maker Vita Group (notified March. 7/deadline April 16/simplified)

JUNE 7

-- 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 7)

JULY 18

-- German industrial gases group Linde LING.DE to merge with U.S. peer Praxair (NYSE:PX) PX.N (notified Jan. 12/ deadline extended to July 18 from July 4)

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.

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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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