April 10, 2015 / 10:54 AM / 3 years ago

EU mergers and takeovers (April 10)

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


— Private equity firm Riverstone and British bank Barclays to jointly acquire oil producer Origo (approved April 10)

— Chinese state-owned steelmaker Hebei Iron & Steel Group to acquire a controlling stake in Swiss steel product trader from DPH Duferco International Trading Holding (approved April 10/)


— Investment fund Bain Capital Investors to acquire auto fluids maker TI Fluid Systems (notified April 9/deadline May 19/simplified)

— Predica Prevoyance and investment fund Omnes Capital to jointly acquire wind farms (notified April 8/deadline May 18/simplified)

— Canadian property and casualty insurer Fairfax Financial Holdings to acquire British specialty insurer Brit Plc (notified April 8/deadline May 18/simplified)

— Spamish lender Caixabank to acquire control of Portuguese bank Banco BPI (notified April 7/deadline May 13/simplified)


— Norwegian telecoms company Telenor and Swedish peer TeliaSonera to combine their Danish mobile businesses (notified Feb. 27/deadline extended to Sept. 2 from Aug. 19 after the companies asked for more time)

— German conglomerate Siemens to purchase U.S. oilfield equipment maker Dresser-Rand Group Inc (notified Jan. 9/deadline July 24)



— Finnish ship engine and power plant maker Wartsila to buy navigation systems maker L-3 Marine Systems from L-3 Holding (notified March 11/deadline April 20/simplified)

— Telecoms group Altice to acquire Brazilian peer Grupo Oi’s Portuguese assets (notified Feb. 25/deadline April 20/concessions offered April 20/Portuguese competition authority asked to review the case on March 5)


— Private equity firms Ardian France and F2i SGR to acquire joint control of investor F2i Aeroporti which holds stakes in companies operating at Italian airports (notified March 12/deadline April 21)


— German industrial services group Bilfinger and merchandising and management services provider Papstar Holding AG to set up a joint venture (notified March 16/deadline April 23/simplified)


— U.S. bank Goldman Sachs and French property developer Altarea to jointly acquire French holding company Pascal Defense S.A.R.L. (notified March 18/deadline April 27/simplified)

— Irish cement firm CRH to buy assets from merging companies Lafarge and Holcim (notified March 18/deadline April 27)


— Canadian public pension fund Caisse de Depot du Placement du Quebec and British asset manager Hermes to acquire 40 percent of British high-speed rail Eurostar International Ltd, which is 55 percent owned by French rail operator SNCF Mobilities (notified March 19/deadline April 28)


— Austrian property developer CA Immo to acquire control of Austrian peer Immofinanz (notified March 20/deadline April 29/simplified)


— German agricultural products distributor Baywa , German electric heating producer GlenDimplex and German energy software developer Greencom to acquire shares in energy services provider BEEGY GmbH (notified March 23/deadline April 30/simplified)


— Qatari-backed investor Constellation Hotels to acquire InterContinental Hotels Group’s flagship Le Grand hotel in Paris (notified March 25/deadline May 5/simplified)

— U.S. conglomerate Berkshire Hathaway to acquire German motorcycle apparel and accessories retailer Detlev Louis Motrorrad-Vertriebs GmbH (notified March 25/deadline May 5/simplified)


— MI Fashion Ltd and L Capital Asia 2 Pte Ltd to acquire joint control of clothing retailer Pepe Jeans Group (notified March 27/deadline May 7/simplified)


— U.S. investment firm Starwood Capital Group and Spanish hotel chain Melia Hotels International to acquire joint control of six hotels in Spain (notified March 30/deadline May 8/simplified)

MAY 11

— Japanese electronics group Hitachi to acquire Italian train maker AnsaldoBreda and its rail-signalling company Ansaldo STS from Italian aerospace and defence group Finmeccanica (notified March 31/deadline May 11/simplified)

MAY 12

— French seismic survey group CGG and British energy consultancy Wood MacKenzie to set up a joint venture (notified April 1/deadline May 12/simplified)

— Investment fund Apollo Management to acquire German mail order and Internet retailer Walz Group (notified April 1/deadline May 12/simplified)

— Japan’s Mitsui Chemicals and South Korean conglomerate SK Holdings to set up a joint venture (notified April 1/deadline May 12/simplified)

— French equity firm Ardian to acquire a 65-percent stake in Spanish toll-road operator Tunels, which is 35-percent controlled by Spanish toll-road operator Abertis SA (notified April 1/deadline May 12)

MAY 13

— Czech energy group Energeticky a Prumyslovy Holding (EPH) to acquire some Italian coal and gas businesses from German utility E.ON (notified April 7/deadline May 13/simplified)


— French telecoms operator Orange to acquire Spanish provider Jazztel (notified Oct. 16/new deadline June 1 after Commission lifts deadline suspension)

— Mondelez International Inc and competitor D.E Master Blenders to merge their coffee businesses in new company called Jacobs Douwe Egberts (notified Oct. 27/deadline extended for the fourth time to June 1 from May 13)


— PRS for Music Ltd (PRSfM), Foreningen Svenska Tonsattares Internationella Mysikbyra (Stim) and Gesellschaft für musikalische Aufführungs- und mechanische Vervielfältigungsrechte (Gema) to set up a joint venture to administer mechanical and performing rights (notified Nov. 28/deadline June 26/companies offer commitments on March 13)


— Commodities trader Cargill to buy rival Archer Daniels Midland Co’s global chocolate business (notified Jan. 19/deadline extended to July 23 from July 8 after the companies asked for more time)


— U.S. conglomerate General Electric to acquire most of French engineering group Alstom’s power equipment business (notified Jan. 19/deadline extended for the second time to Aug. 6 from July 8 after GE asked for more time)


— SOCAR, Azerbaijan’s state energy company, to buy stakes in Greek natural gas grid operator DESFA from Greek natural gas utility DEPA (notified Oct. 1/deadline suspended on Jan. 21)


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.


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. (Compiled by Foo Yun Chee)

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