EU mergers and takeovers (April 24)

  • Reuters
  • Economy News
EU mergers and takeovers (April 24)
Credit: © Reuters.

BRUSSELS, April 24 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

None

NEW LISTINGS

-- Swiss engineering company ABB ABBN.S to acquire General Electric (NYSE: GE )'s GE.N industrial solutions business (notified April 20/deadline June 1)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

APRIL 30

-- Germany's BASF BASFn.DE to acquire businesses from Bayer BAYGn.DE (notified March 7/deadline extended to April 30 from April 16 after BASF offered concessions)

MAY 3

-- U.S. auto parts retailer LKQ Corp LKQ.O 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. aerospace and industrial company United Technologies Corp (NYSE: UTX ) UTX.N to acquire avionics maker Rockwell Collins COL.N (notified March 12/deadline extended to May 4 from April 19 after UTC offered concessions)

-- 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 PRY.MI to acquire U.S. peer General Cable BGC.N (notified March 28/deadline May 8)

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

MAY 14

-- Swiss logistics company Panalpina PWTN.S 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 (NS: SIEM ) SIEGn.DE to set up a joint venture (notified April 3/deadline May 14/simplified)

MAY 15

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

MAY 23

-- Apollo Capital Management to acquire Cyprus Cooperative Bank (notified April 11/deadline May 23/simplified)

-- British paper company Mondi (LON: MNDI ) MNDJ.J to acquire Finnish corrugated case materials maker Powerflute (notified April 11/deadline May 23)

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

MAY 25

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

MAY 28

-- U.S coatings maker Axalta Coating Systems AXTA.N to acquire wire enamel manufacturer IVA's European and Chinese operations (notified April 16/deadline May 28)

-- U.S. agricultural merchant Archer Daniels Midland ADM.N and agricultural trading house Cargill CARG.UL to set up a joint venture in Egypt (notified April 16/deadline May 28/simplified)

MAY 29

-- Asset management firms Avenue Capital, Pemberton and private equity firm Permira to jointly acquire luggage bags maker Delsey (notified April 17/deadline May 29/simplified)

MAY 30

-- Global asset management company Carlyle CG.O and U.S. investment company TA Associates to jointly acquire sales marketing company Discoverorg which is now solely controlled by TA Associates (notified April 18/deadline May 30/simplified)

MAY 31

-- Private equity firm Advent International to acquire British electronics and technnology company Laird LRD.L (notified April 19/deadline May 31/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)

AUG 9

-- German industrial gases group Linde LING.DE to merge with U.S. peer Praxair PX.N (notified Jan. 12/ deadline extended to Aug. 9)

SEPT 4

-- iPhone maker Apple AAPL.O to acquire UK music streaming service Shazam (notified March 14/deadline extended to Sept. 4 from April 23 after the European Commission opened an in-depth investigation)

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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