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EU mergers and takeovers (March 6)

Published 06-03-2019, 10:33 pm
Updated 06-03-2019, 10:40 pm
© Reuters.  EU mergers and takeovers (March 6)
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BRUSSELS, March 6 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- Investindustrial VI L.P.'s investment subsidiary World Confectionery Group S.a r.l to acquire sole control of Spain's chocolate company Natra S.A. NATR.MC (approved March 5)

NEW LISTINGS

-- India's HCL Technologies HCLT.NS to acquire sole control over four of IBM's IBM (NYSE:IBM).N software product portfolios (notified March 5/deadline April 9/simplified)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

MARCH 7

-- German energy company E.ON EONGn.DE to acquire German peer Innogy's retail and network activities IGY.DE (notified Jan. 31/deadline March 7)

MARCH 8

-- Energy producer and provider Total Holdings USA to acquire sole control over oil and natural gas production company Chevron (NYSE:CVX) Denmark (notified Feb. 1/deadline March 8)

MARCH 11

-- Global aerospace producer, designer and supplier TransDigm Group TDG.N to acquire sole control over manufacturing company Esterline Technologies ESL.N (notified Feb. 4/deadline March 11)

MARCH 15

-- French construction company Vinci SGEF.PA to acquire Britain's Gatwick Airport (notified Feb. 8/deadline March 15/simplified)

-- U.S. private equity firm American Securities to acquire property restoration company Belfor Holdings (notified Feb. 8/deadline March 15/simplified)

MARCH 20

-- U.S. aircraft parts maker Spirit Aerosystems Holdings Inc SPR.N to acquire EU-based supplier Asco Industries NV (notified Jan. 30/deadline extended to March 20 from March 6 after Spirit offered concessions)

-- U.S. private equity firm KKR KKR.N to acquire Spanish food-food restaurant chain Telepizza TPZ.MC (notified Feb. 13/deadline March 20/simplified)

MARCH 21

-- German insurer Allianz ALVG.DE , Canada's Public Sector Pension Investment Board and U.S.-based Greystar Real Estate Partners to acquire joint control over London-based student accommodation property Paul Street East through a share purchase agreement (notified Feb. 14/deadline March 21/simplified)

MARCH 22

-- Insurer Marsh & McLennan Companies MMC.N to acquire share capital of British peer Jardine Lloyd Thompson Group JLT.L (notified Feb. 1/deadline extended to March 22 from March 8 after Marsh & McLennan offered concessions)

MARCH 25

-- U.S. aluminum company Novelis NVLXC.UL , which is a unit of India's Hindalco Industries Ltd HALC.NS , to acquire aluminum processor Aleris (notified Feb. 18/deadline March 25)

-- Luxembourg's LetterOne Investment Holdings to acquire supermarket operator DIA (notified Feb. 18/deadline March 25/simplified)

-- DA Agravis Machinery Holding and Danish Agro Machinery Holding to acquire Kesko Group's agrimachinery activities in Finland, Estonia, Latvia and Lithuania from Finnish subsidiary Konekesko Oy (notified Feb. 4/deadline extended to March 25 from March 11 after the companies offered concessions)

MARCH 26

-- France's Moma Places and Unibal-Rodamco URW.AS to set up a joint commercial catering venture (notified Feb. 19/deadline March 26/simplified)

MARCH 27

-- Swiss chemicals company Sika SIKA.S to acquire French rival Parex from private equity firm CVC Capital Partners (notified Feb. 20/deadline March 27)

-- Japan's CK Holdings Co to acquire Italian car parts maker Magneti Marelli from Italian auto maker Fiat Chrysler Automotives FCHA.MI (notified Feb. 20/deadline March 27/simplified)

MARCH 28

-- ArcelorMittal MT.AS and Italy's CLN Group to acquire joint control over two Italian steel service centers of the Ilva Group (notified Feb. 21/deadline March 28)

-- German conglomerate JAB Holding to increase its stake in Coty Inc COTY.N to 60 percent from 40 percent (notified Feb. 21/deadline March 28/simplified)

-- Japanese telecoms provider KDDI Corp 9433.T and Mitsubishi UFJ Securities Holdings Co Ltd MTFMS.UL to jointly acquire Japanese online broker Kabu.com 8703.T (notified Feb. 21/deadline March 28/simplified)

-- Apollo Management APOLO.UL to acquire plastic product maker RPC Group RPC.L (notified Feb. 21/deadline March 28/simplified)

MARCH 29

-- Financial services company Great-West Lifeco's Irish Life and Clyde Property Fund and UK property developer Hammerson to jointly acquire a shopping centre in Dublin, Ireland (notified Feb. 22/deadline March 29)

-- Carlyle U.S. Equity Opportunity Fund and TA Associates LP to acquire joint control over WU Holdco, Inc. (notified Feb. 22/deadline March 29/simplified)

APRIL 1

-- UK asset management company Segro SGRO.L and Canada's Public Sector Pension Investment Board to jointly acquire a logistics site in Poland (notified Feb. 25/deadline April 1/simplified)

-- UK asset management company Segro SGRO.L and Canada's Public Sector Pension Investment Board to jointly acquire a logistics site in France (notified Feb. 25/deadline April 1/simplified)

-- Mitsubishi's trust and banking corporation MTFGTB.UL to acquire sole control of First State Investments through a share acquisition (notified Feb. 25/deadline April 1/simplified)

APRIL 5

-- U.S. tech and consulting services provider DXC Technology DXC.N to acquire U.S. software development company Luxoft Holding LXFT.N (notified March 1/deadline April 5/simplified)

APRIL 29

--- Germany's Thyssenkrupp TKAG.DE and India's Tata Steel TISC.NS to set up a steel joint venture (notified Sept. 25/deadline April 29)

MAY 20

-- 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 May 20 from May 13)

JUNE 3

-- 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 June 3)

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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