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EU mergers and takeovers (Aug 1)

Published 2016-08-01, 08:49 a/m
© Reuters.  EU mergers and takeovers (Aug 1)

BRUSSELS, Aug 1 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- Swedish carmaker Volvo VOLVb.ST to acquire joint control of financial services provider Volvofinans Bank (approved July 29)

NEW LISTINGS

-- Investment fund Partners Group to acquire real estate services provider Foncia Holding and its subsidiaries (notified July 4/deadline Aug. 9/simplified)

-- Ontario Teachers' Pension Plan Board and Public Sector Pension Board to jointly acquire Cubico Sustainable Investments HOldings Ltd which in turn will acquire five renewable energy power generation companies in Italy and the UK (notified July 28/deadline Sept. 2/simplified)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

AUG 1

-- Sony Corp 6758.T to buy out the Michael Jackson estate's stake in its music publishing joint venture (notified June 24/deadline Aug. 1)

AUG 3

-- British mobile telephony operator Vodafone VOD.L and U.S. cable company Liberty Global LBTYA.O to merge their Dutch operations (notified June 14/deadline Aug. 3/commitments submitted on July 12)

AUG 4

-- French drugmaker Sanofi SASY.PA to acquire Germany company Boehringer Ingelheim's consumer healthcare business (notified June 15/deadline extended to Aug. 4 from July 20 after Sanofi submitted concessions)

AUG 8

-- Finnish crane maker Konecranes KCR1V.HE to acquire U.S. crane maker Terex's GS.N cranes business for ports and factories (MHPS) (deadline June 17/deadline extended to Aug. 8 from July 25 after Konecranes offered concessions)

AUG 9

-- Japanese tyre maker Bridgestone Corp 5108.T and German tyre retailer Pneuhage Management GmbH & Co. KG to set up a joint venture (notified July 4/deadline Aug. 9/simplified)

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-- Dutch paints and coating producer Akzo Nobel AKZO.AS to acquire German chemicals maker BASF's BASFn.DE industrial coatings business (notified July 4/deadline Aug. 9)

AUG 10

-- Buyout firm EQT to acquire German engineering services group Bilfinger's GBFG.DE building and facility unit (notified July 5/deadline Aug. 10/simplified)

-- U.S. paint company Sherwin-Williams Co (NYSE:SHW) SHW.N to acquire U.S. rival Valspar Corp VAL.N (notified July 5/deadline Aug. 10)

AUG 11

-- U.S. chemicals company Dow Chemical (NYSE:DOW) DOW.N to merge with DuPont (NYSE:DD) DD.N (notified June 22/deadline extended to Aug. 11 from July 28 after the companies offered concessions)

AUG 12

-- Private equity firm Triton to acquire techical services provider Voith Industrial Services (notified July 7/deadline Aug. 12/simplified)

-- Brazilian steel producer Gerdau GGBR4.SA and Japan's Sumitomo Corp 8053.T to set up a joint venture (notified July 7/deadline Aug. 12/simplified)

-- U.S. contract medical research provider Quintiles Transnational Holdings Inc Q.N to merge with U.S. healthcare information company IMS Health Holdings Inc IMS.N (notified July 7/deadline Aug. 12)

AUG 16

-- Italian lender FCA Bank S.p.A. to acquire joint control of auto financing services provider Ferrari (NYSE:RACE) financial services (notified July 8/deadline Aug. 16/simplified)

AUG 18

-- Italian holding company Italmobiliare S.p.A. ITMI.MI to acquire Italian private equity company Clessidra SGR (notified July 12/deadline Aug. 18/simplified)

AUG 19

-- Investment fund Watling Street to acquire electricity meter and set-top box maker Sagemcom (notified July 13/deadline Aug. 19/simplified)

AUG 23

-- Private equity firm CVC Capital Partners to acquire Italian betting company Sisal Group (notified July 15/deadline Aug. 23/simplified)

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AUG 25

-- Japan Tunnel Systems Corp and Mitsubishi Heavy Industries 7011.T to set up a joint venture (notified July 19/deadline Aug. 25/simplified)

AUG 26

-- French investment company Ardian and French insurer Credit Agricole (PA:CAGR) Assurances to jointly acquire French parking operator Indigo Infra (notified July 20/deadline Aug. 26/simplified)

AUG 29

-- Dutch employment agency Randstad RAND.AS to acquire French peer Ausy OSI.PA (notified July 22/deadline Aug. 29/simplified)

-- Canadian private equity firm Onex Corp OCX.TO to acquire U.S. wire and cable maker Wireco WRCPA.UL (notified July 22/deadline Aug. 29/simplified)

-- Belgian investment company Cobepa to acquire German logistics company JF Hillebrand Group (notified July 22/deadline Aug. 29/simplified)

AUG 30

-- Polish chemicals company Synthos SNS.WA to acquire Swiss-based chemicals group Ineos' expandable polystyrene business INEOS Styrenics (notified July 25/deadline Aug. 30)

-- Japanese cosmetics company Shiseido 4911.T to acquire Italian fashion house Dolce Gabana's fragrances, colour cosmetics and skincare business (notified July 25/deadline Aug. 30/simplified)

-- British industrial property developer Segro SGRO.L and Canada's Public Sector Pension Investment Board to acquire a French logistics business (notified July 25/deadline Aug. 30/simplified)

SEPT 1

-- U.S. healthcare services provider McKesson Corp (NYSE:MCK) MCK.N and asset manager Blackstone (NYSE:BX) BX.N to set up a joint venture (notified July 27/deadline Sept. 1/simplified)

-- Private equity firm Advent International to acquire New Zealand resins and coating company Nuplex Industries NPX.NZ (notified July 27/deadline Sept. 1)

SEPT 2

-- Investment bank Goldman Sachs (NYSE:GS) GS.N and private equity firm Altor Fund to jointly acquire marine electronics maker Navico and marine maps provider C-Map (notified July 28/deadline Sept. 2/simplified)

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SEPT 8

-- CK Hutchison Holdings Ltd 0001.HK and Vimpelcom VIP.O to merge their Italian mobile operations (notified Feb. 5/deadline extended to Sept. 8 from Aug 18)

OCT 24

-- U.S. rail equipment maker Wabtec Corp WAB.N to acquire French peer Faiveley Transport SA FAIP.PA (notified April 4/deadline Oct. 24/commitments offered July 25)

SUSPENDED

-- SOCAR, Azerbaijan's state energy company, 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.

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