April 11, 2017 / 4:16 PM / 5 months ago

EU mergers and takeovers (April 11)

BRUSSELS, April 11 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- Investment company Ardian to acquire majority of France’s Prosol, an operator of Grand Frais grocery stores (approved April 10)

NEW LISTINGS

-- 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/simplified)

-- German industrial gas producer Linde 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 to acquire U.S. peer Multi Packaging Solutions (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)

-- French insurer Axa 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)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

APRIL 12

-- U.S. aircraft component maker Rockwell Collins to acquire aircraft interior maker B/E Aerospace (notified March 8/deadline April 12)

-- U.S. car part supplier Lear to acquire Grupo Antolin’s automotive seating business (notified March 8/deadline April 12/simplified)

APRIL 19

-- Private equity firm Advent International to acquire biometrics and security business Morpho from French aerospace group Safran (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions)

-- Britain’s Rolls-Royce to acquire the remaining 53.1 percent stake in Spanish aircraft engine and components maker Industria de Turbo Propulsores (ITP) (notified Feb. 24/deadline extended to April 19 from March 31 after the companies offered concessions)

APRIL 24

-- French media company Bollore to acquire control of French company Vivendi (notified March 15/deadline April 24)

APRIL 26

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

-- Swiss pharmaceutical supplier Lonza Group to acquire U.S. capsule maker Capsugel from private equity firm KKE & Co LP (notified March 17/deadline April 26)

MAY 2

-- Italian energy company Duferco Energia to acquire a business unit from Italian electricity company Energhe S.p.A. (notified March 22/deadline May 2/simplified)

MAY 4

-- Private investment firm KKR & Co. to acquire travel company Travelopia Holdings Ltd and Travelopia USA Inc. (notified March 24/ deadline May 4/simplified)

MAY 5

-- Japan’s Panasonic Corporation to acquire Spanish auto parts maker Ficosa International (notified march 27/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 8

-- Swiss car importer Emil Frey France to acquire French car parts distributor PGA Group SAS from German carmaker Volkswagen Group (notified March 28/deadline May 8/simplified)

MAY 10

-- Toyota Industries Europe 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, which is part of electronics maker Foxconn, to increase its stake in Austrian IT group S&T (notified March 31/deadline May 12)

-- French media group Vivendi to acquire de facto sole control of Italy’s Telecom Italia (notified March 31/deadline May 12)

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

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

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 and Spanish telecoms provider Telefonica 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)

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. (Reporting by Foo Yun Chee)

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