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EU mergers and takeovers (June 6)
2016年6月6日 / 中午11点32分 / 1 年前

EU mergers and takeovers (June 6)

BRUSSELS, June 6 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- Private equity firm KKR to acquire indirect control of Airbus’ defence electronics unit (approved June 3)

-- Private equity firms Apax Partners and management services provider Accenture to acquire joint control of U.S. insurance software developer Duck Creek Technologies (approved June 3)

NEW LISTINGS

-- German agricultural commodities cooperative Agravis to acquire a minority stake in German palm products and animal feed trading house H. Boegel from Singapore-listed commodities group Wilmar International (notified June 2/deadline July 7)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

JUNE 8

-- Irish Life to buy Aviva Health and 50.7 percent of shares in GloHealth that it does not currently own. Both are providers of health insurance in Ireland. (notified April 28/deadline June 6)

JUNE 9

-- U.S. food service distributor Sysco Corp to acquire peer Brakes Group (notified April 29/deadline June 9)

JUNE 14

-- Hearst Communications Inc and Advance Publications to set up a joint venture (notified May 4/deadline June 14/simplified)

-- France’s Credit Mutuel to acquire GE Capital’s factoring and equipment financing businesses in France and Germany (notified on May 4/deadline June 14)

JUNE 15

-- Malaysian state-owned investment fund Khazanah Nasional Bhd and Japan’s Mitsui & Co to set up a joint venture (notified May 10/deadline June 15/simplified)

-- U.S. industrial products maker ITW to acquire German car parts maker ZF TRW Automotives Corp’s fasteners and car components business EF&C (notified May 10/deadline June 15)

JUNE 16

-- Inter Ikea Systems Holding, which is a unit of the IKEA Group, to acquire companies carrying out IKEA manufacturing activities from the Ingka Group which owns IKEA franchisees in 28 countries (notified May 11/deadline June 16/simplified)

JUNE 17

-- Spanish lender Caixabank to acquire Portugal’s Banco BPI (notified May 12/deadline June 17/simplified)

-- Swiss-based chemicals company Ineos to acquire full control of UK peer Inovyn (notified May 12/deadline June 17/simplified)

-- Danish food company Danish Crown to acquire sole control of meat trader SPF-Denmark (notified May 12/deadline June 17/simplified)

JUNE 20

-- European packaging maker Ardagh to acquire some facilities from beverage can makers Ball and Rexam (notified May 18/deadline June 20/simplified)

-- Hon Hai Precision, also known as Foxconn, intends to buy a majority of Japanese electronics company Sharp (notified on May 13/deadline June 20)

-- Dublin-based support services group DCC Holding to acquire retail fuel and aviation fuel provider Dansk Fuels (notified on May 13/deadline June 20)

-- PitPoint and Primagaz Nederland to take joint control of PitPoint LNG, a liquefied natural gas provider in the Netherlands, Luxembourg and Germany (notified on May 13/deadline June 20/simplified)

JUNE 22

-- European packaging maker Ardagh to acquire some assets from beverage can makers Ball and Rexam (notified May 18/deadline June 22/simplified)

-- Nippon Telegraph and Telephone Corp to acquire Dell’s IT services unit (notified May 18/deadline June 22/simplified)

JUNE 23

-- Property developer Segro and Canada’s Public Sector Pension Investment Board to jointly acquire Italian logistics company Torino DCI (notified May 19/deadline June 23/simplified)

-- Innovation Network Corp Japan, Japan’s Sumitomo Chemical Co and Sekisui Chemical Co to set up a joint venture (notified May 19/deadline June 23/simplified)

-- French industrial gas supplier Air Liquide and Russian heavy engineering group OMZ to set up a joint venture (notified May 19/deadline June 23/simplified)

JUNE 24

-- Dutch dredging company Boskalis to acquire control of maritime services company VolkerWesselsOffshore from Reggeborgh (notified May 20/deadline June 24/simplified)

JUNE 25

-- Canadian Pension Plan Investment Board and Global Infrastructure Management to acquire joint control of the freight haulage company Pacific Natonal of Australia’s Asciano (notified on May 14/deadline June 25/simplified)

JUNE 27

-- Investment bank Goldman Sachs to acquire bakery group Continental Bakeries (notified May 23/deadline June 27/simplified)

-- Hotel chain Marriott International to acquire Starwood Hotels & Resorts (notified May 23/deadline June 27)

-- French company Plastic Omnium to acquire French car parts maker Faurecia’s auto exteriors business (notified May 23/deadline June 27)

-- Dutch staffing agency Randstad to acquire Italian peer Obiettivo Lavoro (notified May 23/deadline June 27/simplified)

JUNE 28

-- World Fuel Services Corp to acquire ExxonMobil’s fueling business at 83 airports (notified May 24/deadline June 28)

JUNE 29

-- Private equity firm Advent International to acquire New Zealand resins and coating company Nuplex Industries (notified May 25/deadline June 29)

JULY 1

-- M&G Alternatives Investment Management, a unit of UK insurer Prudential plc, and U.S. private equity firm Anchorage Capital Group to jointly acquire UK services provider PHS Group Investments (notified May 27/deadline July 1/simplified)

-- Private equity firms the Carlyle Group and Crestview Advisors to jointly acquire U.S. sports and entertainment event production company NEP Group (notified May 27/deadline July 1/simplified)

-- Buyout firms Bain Capital and Vista Equity Partners to jointly acquire U.S. insurance software supplier Vertafore (notified May 27/deadline July 1/simplified)

-- Private equity firm Cinven Capital Management and the Canada Pension Plan Investment Board to jointly acquire accomodation and travel services company Hotelbeds Group from German travel group TUI AG (notified May 27/deadline July 1/simplified)

JULY 4

-- Private equity firms TPG Capital and Partners Group to jointly acquire shopping centers and retail parks in Italy and Spain from TH Real Estate (notified May 30/deadline July 4/simplified)

-- German industrial company Freudenberg to acquire sole control of German maker of car vibration control technology Vibracoustic, which it now jointly controls with Swedish industrial rubber company Trelleborg (notified May 30/deadline July 4/simplified)

JULY 6

-- U.S. generic drugmaker Mylan to acquire Swedish peer Meda (notified June 1/deadline July 6)

-- Private equity firm Silver Lake Group to acquire sole control of French IT services provider Cegid (notified June 1/deadline July 6/simplified)

JULY 7

-- Spanish bank Banco Santander to acquire some of Portuguese lende Banif’s assets (notified June 2/deadline July 7)

AUG 10

-- Airbus Safran Launchers, a 50/50 joint venture between Airbus and Safran, to acquire sole control of satellite group Arianespace (notified on Jan. 8/deadline extended to Aug. 10 from July 27/concessions offered May 4)

AUG 18

-- CK Hutchison Holdings Ltd and Vimpelcom to merge their Italian mobile operations (notified Feb. 5/deadline extended to Aug 18 from Aug. 10 after the companies asked for more time)

SEPT 20

-- U.S. rail equipment maker Wabtec Corp to acquire French peer Faiveley Transport SA (notified April 4/deadline extended to Sept. 20 from May 12 after the European Commission opened an in-depth investigation)

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. (Compiled by Foo Yun Chee)

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