April 16, 2018 / 5:20 PM / 5 days ago

EU mergers and takeovers (April 16)

BRUSSELS, April 16 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

— Finnish bioenergy company Vapo and Finnish financial service cooperative group OP Financial Group to set up a joint venture (approved April 13)

— Belgian grid operator Elia to acquire sole control of Belgian energy support services Eurogrid International CVBA (approved April 13)

— Belgian supermarket chain Colruyt and Irish food producer Kerry Group to jointly acquire Dutch plant-based protein maker Ojah BV (approved April 13)

— Insurer Sedgwick, which is controlled by private equity firm KKR, to acquire insurance services provider Cunningham Lindsey (approved April 12)

— French oil and gas major Total to acquire part of French gas and power group Engie’s liquified natural gas business (approved April 11)

— French insurer Axa subsidiary Vendome Immobilier Commercial and French state-owned company Caisse des Depots et Consignations (CDC) to jointly acquire various properties (approved April 10)

— Private equity firms Cathay Pacific Private Equity and Equistone Partners Europe to jointly acquire German car parts maker E. Winkemann (approved April 6)

— Cerberus Capital Management to acquire Spanish bank BBVA’s real estate business (approved April 6)

— U.S. conglomerate GE and Russia oil and natural gas producer Rosneft to set up a joint venture (approved April 4)

NEW LISTINGS

— Global asset manager The Carlyle Group to acquire Accolade Wines Holdings Australia and Accolade Wines Holdings Europe (notified April 13/deadline May 25/simplified)

— British paper company Mondi to acquire Finnish corrugated case materials maker Powerflute (notified April 11/deadline May 23)

EXTENSIONS AND OTHER CHANGES

— U.S. aerospace and industrial company United Technologies Corp to acquire avionics maker Rockwell Collins (notified March 12/deadline extended to May 4 from April 19 after UTC offered concessions)

— Germany’s BASF to acquire businesses from Bayer (notified March. 7/deadline extended to April 30 from April 16 after BASF offered concessions)

FIRST-STAGE REVIEWS BY DEADLINE

APRIL 16

— Lenovo Group and Fujitsu 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)

APRIL 23

— iPhone maker Apple to acquire UK music streaming service Shazam (notified March 14/deadline April 23)

— U.S. investment company TA Associates and French investment bank Rothschild to jointly acquire British software company Datix (notified March 14/deadline April 23/simplified)

APRIL 24

— Scottish investment company Standardlifeaberdeen, UK oil and gas investment company Neptune and Danish insurer PensionDanmark to acquire joint control of natural gas transport company NGT (notified March 15/deadline April 24/simplified)

APRIL 26

— Irish food company Kerry Group to acquire Dutch protein plant products maker Proparent (notified March 19/deadline April 26/simplified)

APRIL 30

— UK measuring instruments maker Spectris and Australian investment bank Macquarie Group to set up an Australian joint control Soundwave Holdings (notified March 21/deadline April 30/simplified)

MAY 3

— U.S. auto parts retailer LKQ Corp 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. 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

— Chinese carmaker Zhejiang Geely Holding Group to acquire control of Denmark’s Saxo Bank (notified March 28/deadline May 8/simplified)

— Investment advisor Black Diamond Capital Management to acquire car leather maker GST AutoLeather (notified March 28/deadline May 8/simplified)

— Italian cable company Prysmian to acquire U.S. peer General Cable (notified March 28/deadline May 8)

— Belgian metals company Viohalco and Belgian holding company Koramic to set up a joint venture (notified March 28/deadline May 8/simplified)

MAY 14

— Swiss logistics company Panalpina 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 to set up a joint venture (notified April 3/deadline May 14/simplified)

MAY 15

— U.S. cable company Liberty Global to acquire Dutch peer Ziggo (notified April 4/deadline May 15)

MAY 23

— Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to May 23 after ArcelorMittal offered concessions)

JUNE 7

— South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to June 7)

AUG 9

— German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to Aug. 9)

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. (Reporting by Foo Yun Chee)

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