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EU mergers and takeovers (April 26)

Published 27/04/2017, 12:08 am
© Reuters.  EU mergers and takeovers (April 26)

BRUSSELS, April 26 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- Swiss car importer Emil Frey France to acquire French car parts distributor PGA Group SAS from German carmaker Volkswagen Group VOWG_p.DE (approved April 25)

NEW LISTINGS

-- Wastewater company SGAB and Spanish infrastructure company Acciona ANA.MC to acquire 10 percent of Sociedad Concesionaria de la Zona Regable del Canal de Navarra (notified April 21/deadline June 1/simplified)

-- Australian bank Macquarie MBL.UL and British pension fund Universities Superannuation Scheme to acquire Green Investment Bank (notified April 24/deadline June 2/simplified)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

MAY 5

-- Banking services platform Pillarstone to acquire holding company Famar which has activities in the pharmaceutical industry (notified March 27/deadline May 5/simplified)

MAY 10

-- Toyota Industries Europe 6201.T to acquire Vive, the parent company of Dutch industrial company Vanderlande Industries Holding B.V (notified March 29/deadline May 10/simplified)

MAY 12

-- Taiwan's Ennoconn 6414.TW , which is part of electronics maker Foxconn 2354.TW , to increase its stake in Austrian IT group S&T SANT1.DE (notified March 31/deadline May 12)

-- French media group Vivendi VIV.PA to acquire de facto sole control of Italy's Telecom Italia TLIT.MI (notified March 31/deadline May 12)

-- German car makers BMW BMWG.DE , Daimler DAIGn.DE and Porsche AG PSHG_p.DE and U.S. peer Ford Motor (NYSE:F) Co F.N to acquire control of a joint venture (notified March 31/deadline May 12/simplified)

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-- U.S. chemicals group Riechhold REICH.UL and Black Diamond Capital to acquire Italian polymers maker Polynt ININDY.UL which is owned by Italian private equity group Investindustrial (notified March 17/deadline May 12/commitments offered March 17)

-- Singapore-based tech communications company Broadcom (NASDAQ:AVGO) AVGO.O to acquire U.S. networking switches and software maker Brocade (notified March 17/ deadline extended to May 12 from April 26)

MAY 15

-- Canada Pension Plan Investment Board and Canada's Public Sector Pension Investment Board (PSPIB) to jointly acquire a portfolio of office and retail properties in New Zealand which is now solely controlled by PSPIB (notified April 3/deadline May 15/simplified)

-- Private equity firm Bain Capital to acquire UK company MKM Building Supplies Ltd (notified April 3/deadline May 15/simplified)

-- Private equity firm KKR KKR.N and Spanish telecoms provider Telefonica TEF.MC tp acquire joint control of Spanish telecoms infrastructure provider Telxius (notified April 3/deadline May 15/simplified)

-- German conglomerate Peter Cremer Holding to acquire 50 percent of Koenig Transportgesellschaft from German logistics company HaGe Logistik GmbH (notified April 3/deadline May 15/simplified)

MAY 16

-- Volkswagen Financial Services to acquire 50.98 percent of German tank and service cards provide Logpay Transport Services from Logpay Financial Services (notified April 4/deadline May 16/simplified)

-- Finnish pension fund ELO Mutual Pension Insurance Company and Swedish peer Forsta AP-fonden to jointly acquire several Finnish property portfolio (notified April 4/deadline May 16/simplified)

MAY 18

-- French insurer Axa AXAF.PA and French state-owned bank Caisse des Depots et Consignations to jointly acquire two commerical lots in a shopping centre (notified April 6/deadline May 18/simplified)

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MAY 19

-- Italian cinema operator The Space Cinema, which is controlled by Vue International Holdco Ltd, and Italian peer UCI Italian S.p.A. which is part of Chinese conglomerate Dalian Wanda Group, to set up a joint venture (notified April 7/deadline May 19)

-- German industrial gas producer Linde LING.DE and Russian power generation equipment maker PJSC Power Machines to set up a joint venture (notified April 7/deadline May 19/simplified)

-- U.S. packaging company WestRock WRK.N to acquire U.S. peer Multi Packaging Solutions MPSX.N (notified April 7/deadline May 19)

-- Asset manager Ares Management L.P. and investment firm The Baupost Group to jointly acquire German shopping mall operator Prejan Enerprises Ltd (notified April 7/deadline May 19/simplified)

MAY 22

-- Investment firms Cinven Capital Management CINV.UL and Canada Pension Plan Investment Board to acquire joint control of Travel Holdings Parent Corporation (notified April 10/deadline May 22)

May 23

-- Private equity company KKR & Co. KKR.N and Caisse de Depot et Placement du Quebec to acquire Onex Corp's ONEX.TO USI Insurance Services (notified April 11/deadline May 23/sinplified)

MAY 24

-- Japan-based Zen-Noh to acquire a 33 percent stake in a Brazilian joint venture between French commodities trader Louis Dreyfus Company and Brazilian soy processor-exporter Amaggi (notified April 12/deadline May 24/simplified)

-- American healthcare company Johnson & Johnson (NYSE:JNJ) JNJ.N to acquire Swiss biotech company Actelion ATLN.S (notified April 12/deadline May 24)

-- Investment company Nordic Capital to acquire credit management services company Intrum Justitia (notified April 12/deadline May 24)

MAY 29

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-- French EDF EDF.PA to acquire equipment and fuel manufacturing company Areva AREVA.PA (notified April 18/deadline May 29)

MAY 31

-- Manufacturing and technology company General Electric (NYSE:GE)'s GE.N Oil & Gas to acquire oilfield services company Baker Hughes BHI.N (notified April 20/deadline May 31)

-- Investment companies TPG TPG.UL and Oaktree OAK.N to take joint control over Britain's Iona Energy Co IEC.UL , which owns 75 percent of two undeveloped oil fields in the North Sea and that will be active in crude oil production and sale (notified April 20/deadline May 31/simplified)

JUNE 1

-- French aircraft engine and aerospace equipment company Safran SAF.PA and China Eastern Airlines Co. Ltd. 600115.SS to form joint venture to provide aircraft maintenance in China (notified April 21/deadline June 1/simplified)

-- Energy company Electricite de France EDF.PA , French state-owned bank Caisse des depots et consignations CDCEC.UL and Japan's Mitsubishi Corporation 8058.T to create new joint venture NGM to finance electric mobility projects mainly in France (notified April 21/deadline June 1/simplified)

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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