EU mergers and takeovers (Dec 10)

  • Reuters
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EU mergers and takeovers (Dec 10)
Credit: © Reuters.

BRUSSELS, Dec 10 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- Santander Consumer Bank AG SAN.MC and Hyundai Capital Services 005380.KS to set up a joint venture to offer loans and leases for automobiles (approved Dec. 7)

-- Equinor Refining Norway to acquire Danish energy trading company Danske Commodities (approved Dec. 7)

-- German building materials company Knauf International to acquire Armstrong World Industries' AWI.N modular suspended ceilings business in the EMEA and APAC region (approved Dec. 7)

-- Canadian holding company Fairfax Financial Holdings Limited FFH.TO to acquire sole control of insurance distributor in Greece and Romania, Eurolife ERB Insurance Group Holdings (approved Dec. 6)

NEW LISTINGS

-- India's UPL Corp UPLL.NS to acquire U.S. chemicals maker Platform Specialty Products Corp's agrochemicals business Arysta LifeScience (notified Dec. 7/deadline Jan. 23)

-- Investment fund IFM Investors and commodities trader Vitol to jointly acquire oil products terminal operator VTTI, which is now jointly controlled by Vitol Holding BV and Buckeye Partners (notified Dec. 5/deadline Jan. 21/simplified)

-- Private equity fund Equistone Partners Europe to acquire French sporting goods retailer Courir (notified Dec. 4/deadline Jan. 18/simplified)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

DEC 10

-- French tire manufacturer and distributor Compagnie Generale des Etablissements Michelin MICP.PA to acquire sole control of Canadian tire and track manufacturer and distributor Camso Inc. and its subsidiaries (notified Nov. 5/deadline Dec. 10)

-- Insurance provider Generali CEE, subsidiary of Assicurazioni Generali GASI.MI , to acquire direct sole control over insurance and asset management company in Slovenia and Croatia, Adriatic Slovenica, Zavarovalna druzba and indirect control over its subsidiaries (notified Nov. 5/deadline Dec. 10)

DEC 11

-- U.S. battery maker Energizer Holdings ENR.N to acquire Spectrum Brands' SPB.N battery and portable lighting business (notified Oct. 19/deadline extended to Dec. 11 from Nov. 27 after commitments submitted)

-- Chemicals company Quaker Chemical Corp KWR.N and Hinduja Group's Houghton International HGINL.UL to merge (notified Oct. 19/deadline extended from Nov. 27 to Dec. 11/concessions offered March 2)

-- UK mobile telephony provider Vodafone VOD.L to acquire U.S. Liberty Global's LBTYA.O telecommunications business in the Czech Republic, Germany, Hungary and Romania (notified Oct. 19/deadline Nov. 27/deadline extended to Dec. 11 after the German cartel office asked to review part of the deal)

-- German chemicals company BASF SE BASFn.DE and Solenis to combine their paper and water chemicals businesses, which will then be 49 percent owned by BASF and the rest by U.S. private equity investment firm Clayton, Dubilier & Rice (CD&R) (notified Nov. 6/deadline Dec. 11)

DEC 13

-- Copper company KME, which is part of Intek Group IKG.MI , to acquire German peer MKM Mansfelder Kupfer and Messing GmbH (notified June 4/deadline Dec. 13)

-- Chinese electronic manufacturer Haier Group 1169.HK to acquire Italian domestic appliance manufacturer Candy S.p.A. (notified Nov. 8/deadline Dec. 13)

DEC 18

-- German energy company E.ON EONGn.DE , via its subsidiary E.ON Drive Infrastructure, and Finnish energy company Helen Oy to acquire joint control of Finnish e-mobility software company Liikennevirta Oy (notified Nov. 13/deadline Dec. 18/simplified)

DEC 20

-- U.S. asset manager the Carlyle Group CG.O to acquire U.S. aviation investment manager Apollo Aviation Holdings Ltd (notified Nov. 15/deadline Dec. 20/simplified)

-- Packaging companies Amcor Limited AMC.AX , Arctic Jersey Limited, Arctic Corporation and Bemis BMS.N , Amcor and Bemis to combine through a merger of Bemis, Amcor and Bemis into New Holdco (notified Nov. 15/deadline Dec. 20)

DEC 21

-- CP VII, a fund managed by global alternative asset manager Carlyle CG.O , to acquire risk management services provider Sedgwick (notified Nov. 16/deadline Dec. 21)

-- New York private investment firm Cerberus Group to acquire UK creative brand merchandising solutions company Marke Creative Merchandise (notified Nov. 16/deadline Dec. 21/simplified)

-- Investment manager CVC Capital Partners and financial company Mitsubishi UFJ Financial Group 8306.T to acquire title loan provider for the underbanked segment of Thai consumers, Ngern Tid Lor Company Limited together with its direct and indirect subsidiaries (notified Nov. 16/deadline Dec. 21/simplified)

-- French energy company Engie ENGIE.PA to acquire joint control of Windplus with utility company EDP Renewables and energy company Repsol (MC: REP ) Nuevas Energias (notified Nov. 16/deadline Dec. 21/simplified)

-- Investment company BC European Capital X to acquire indirect sole control of South East Europe telecoms and media provider United Group ABBI.UL (notified Nov. 16/deadline Dec. 21)

-- Nordic investment and asset management company CapMan Group of companies and Korean asset management company NH-Amundi Asset Management to acquire 50 percent of shares of an onshore wind farm in Sweden from sole controller Green Investment Group Limited (notified Nov. 16/deadline Dec. 21/simplified)

JAN 3

-- Japanese car maker Toyota Motor Corp 7203.T and Monet Technologies Corporation, jointly controlled by Japanese SoftBank Corporation 9434.T , to set up a Japanese software platform joint venture (notified Nov. 19/deadline Jan. 3/simplified)

-- Japanese steel trading company Metal One Corp, a subsidiary of Mitsubishi Corp 8058.T , and trading and investment company Sumitomo Corporation 8053.T to acquire joint control of Metal One Pipe & Tubular Products Inc., a subsidiary of Metal One (notified Nov. 19/deadling Jan. 3/simplified)

JAN 4

-- U.S. soft drinks company Coca-Cola (NYSE: KO ) Co KO.N to acquire coffee chain Costa (notified Nov. 20/deadline Jan. 4)

JAN 8

-- Japanese industrial company MinebeaMitsumi 6479.T to acquire Japanese peer U-Shin 6985.T (notified Nov. 22/deadline Jan. 8/simplified)

-- French aerospace and defence group Thales TCFP.PA to acquire Franco-Dutch chipmaker Gemalto GTO.AS (notified June 18/deadline Jan. 8)

JAN 9

-- Autolaunch and Beijing Automotive Group BEJINS.UL subsidiary Beijing Electric Vehicle Co to set up a joint venture (notified Nov. 23/deadline Jan. 9/simplified)

-- China Reinsurance Group Corp 1508.HK to acquire insurer Chaucer from U.S. insurer Hanover Insurance Group THG.N (notified Nov. 23/deadline Jan. 9/simplified)

JAN 10

-- Turkish pension fund OYAK to acquire Portuguese cement producer Cimpor (notified Nov. 26/deadline Jan. 10/simplified)

-- Qatari Diar Real Estate Investment Company Q.P.S.C., a subsidiary of the Qatar Investment Authority, will acquire joint control alongside DV4 Limited, Oxford Jersey Holding Company Limited and Stichting Depositary APG Strategic Real Estate Pool over an existing UK real estate undertaking (notified Nov. 26/deadline Jan. 10/simplified)

-- Private investment manager Apollo Management APOLO.UL to acquire Bermuda insurance company Aspen Insurance Holdings Limited AHL.N (notified Nov. 26/deadline Jan. 10/simplified)

JAN 11

-- Japanese trading company Sumitomo Corp 8053.T and Japan's Toyota Motor Corp 7203.T to launch a Japanese full-function joint venture, MOBILOTS Corp, to supply financing for vehicles (notified Nov. 27/deadline Jan. 11/simplified)

-- Japanese trading company Sumitomo Corp 8053.T and Japanese Toyota Motor Corp 7203.T to launch a Japanese full-function joint venture, KINTO Corp, to supply mobility services (notified Nov. 27/deadline Jan. 11/simplified)

-- German drink producer and distributor Dr. August Oetker Finanzierungs- und Beteiligungs-GmbH to acquire 49 percent of German F & B - Food and Beverage Services GmbH, a subsidiary of Transgourmet Deutschland GmbH & Co. (notified Nov. 27/deadline Jan. 11/simplified)

JAN 15

-- MML Capital Partners Fund VI GP Ltd to acquire joint control of Peggy Holdco Limited, a subsidiary of Australian funds management company Macquarie European Investment Holdings Limited (notified Nov. 29/deadline Jan. 15/simplified)

-- A6 Invest 9 TF, acting on behalf of Astorg Asset Management, and Montagu Private Equity LLP to acquire joint control of plastic drug delivery systems manufacturer, Nemera Capital and its subsidiaries (notified Nov. 29/deadline Jan. 15/simplified)

-- French logistics services company Bollore Africa Logistics and Dutch operator of container terminals APM Terminals BV to acquire joint control of Ivory Coast container terminal constructor Cote d'Ivoire Terminal (notified Nov. 29/deadline Jan. 15/simplified)

JAN 18

-- Swiss distributor of IT products and services SoftwareONE Holding to acquire sole control of German distributor of IT products and services COMPAREX AH PCWG.UL (notified Dec. 4/deadline Jan. 18/simplified)

JAN 21

-- Distributor of auto parts Digital Auto Parts, controlled by private equity investment firm Bain Capital investors, to acquire online retail auto parts distributor Oscaro Group (notified Dec. 5/deadline Jan. 21/simplified)

JAN 25

-- German company BASF BASFn.DE to acquire Belgian chemicals company Solvay's SOLB.BR worldwide polyamide business (notified May 22/deadline Jan. 25/cocnessions offered on Oct. 15)

JAN 28

-- Siemens (NS: SIEM ) SIEGn.DE and Alstom ALSO.PA to merge their railway operations (notified June 8/deadline Jan. 28)

FEB 2

-- German copper products maker Wieland-Werke to acquire German copper smelter Aurubis' NAFG.DE flat rolled products unit Products Schwermetall (notified June 13/deadline extended to Feb. 2 from Jan. 17 after Wieland-Werke submitted concessions)

MAR 26

--- Germany's Thyssenkrupp TKAG.DE and India's Tata Steel TISC.NS to set up a steel joint venture (notified Sept. 25/deadline extended to March 26 from March 19 after the companies asked for more time)

APRIL 15

-- Electronic and motor manufacturing company Nidec 6594.T to acquire sole control of U.S. white goods maker Whirlpool Corp's WHR.N compressor subsidiary Embraco (notified Oct. 8/deadline extended to April 15 from Nov. 28 after the European Commission opened an in-depth investigation)

APRIL 16

-- Steel company Aperam APAM.AS to acquire Netherlands producer of materials from nickel and nickel alloy VDM Metals Holding (notified Oct. 23/deadline extended to April 16 from Nov. 29 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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