March 4, 2019 / 1:24 PM / a year ago

EU mergers and takeovers (March 4)

BRUSSELS, March 4 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:


— Cayman Island-based private equity firm Clayton, Dubilier & Rice Fund X, L.P. to acquire sole control from investment vehicle Cheadle Developments Ltd. over Jersey-based FH Investments Ltd. through a share purchase (approved March 1)

— UK-based asset manager Intermediate Capital Group to acquire control of Grupo Konectanet, S.L. and Konecta Activos Immobiliarios, S.L. and companies controlled by them (approved March 1)

— Norway’s Kongsberg Gruppen to acquire British aero-engine maker Rolls-Royce’s commercial marine business (approved March 1)


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


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



— German energy company E.ON to acquire German peer Innogy’s retail and network activities (notified Jan. 31/deadline March 7)


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


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

— 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 March 11)


— On-street parking company Saba Portugal and road infrastructure operator Egis Portugal to acquire joint control of Viseu Car Park Assets (notified Feb. 5/deadline March 12/simplified)


— French construction company Vinci to acquire Britain’s Gatwick Airport (notified Feb. 8/deadline March 15/simplified)

— 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. (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)


— U.S. aircraft parts maker Spirit Aerosystems Holdings Inc 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 to acquire Spanish food-food restaurant chain Telepizza (notified Feb. 13/deadline March 20/simplified)


— German insurer Allianz, 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)


— U.S. aluminum company Novelis, which is a unit of India’s Hindalco Industries Ltd, 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)


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


— Swiss chemicals company Sika 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 (notified Feb. 20/deadline March 27/simplified)


— ArcelorMittal 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 to 60 percent from 40 percent (notified Feb. 21/deadline March 28/simplified)

— Japanese telecoms provider KDDI Corp and Mitsubishi UFJ Securities Holdings Co Ltd to jointly acquire Japanese online broker (notified Feb. 21/deadline March 28/simplified)

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


— 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)


— UK asset management company Segro 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 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 to acquire sole control of First State Investments through a share acquisition (notified Feb. 25/deadline April 1/simplified)


—- Germany’s Thyssenkrupp and India’s Tata Steel to set up a steel joint venture (notified Sept. 25/deadline April 29)

MAY 20

— Electronic and motor manufacturing company Nidec to acquire sole control of U.S. white goods maker Whirlpool Corp’s compressor subsidiary Embraco (notified Oct. 8/deadline extended to May 20 from May 13)


— UK mobile telephony provider Vodafone to acquire U.S. Liberty Global’s telecommunications business in the Czech Republic, Germany, Hungary and Romania (notified Oct. 19/deadline June 3)


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. (Reporting by Foo Yun Chee;)

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