February 16, 2018 / 1:12 PM / 3 months ago

EU mergers and takeovers (Feb 16)

BRUSSELS, Feb 16 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

— Private equity firm PAI and Canadian institutional investor British Columbia Investment Management Corp to jointly acquire fruit juice maker Refresco (notified Jan. 23/approved Feb. 15/simplified)

— Anglo-Dutch oil group Royal Dutch Shell plc to acquire retail energy supplier Impello Limited (notified Jan. 22/approved Feb. 16/simplified)

— Baking products maker the Oetker-Gruppe to acquire fwestBelgian bakery goods supplier Diversi Foods (notified Jan. 22/approved Feb. 16/simplified)

— Private equity firm Bain Capital to acquire Italian paper company Fedrigoni (notified Jan. 24/approved Feb. 16/simplified)

NEW LISTINGS

- Caisse de depot et placement du Quebec and IFM Investors to take joint control of Mexican toll road operator Conmex. (notified Feb. 12/ deadline March 19/ simplified)

- Apollo Capital Management to take full control of German apparel maker CBR Fashion Holding. (notified Jan. 13/ deadline March 20/ simplified)

- Goldman Sachs and Centerbridge Partners to acquire joint control of Polish real estate developer Robyg. (notified Jan. 14/ deadline March 21/ simplified)

- Swiss Life and CNP Assurances to jointly acquire oil terminal operator Pisto. (notified Jan. 14/ deadline March 21/ simplified)

- Axion and Enegas to set up joint venture. (notified Jan. 14/ deadline March 21/ simplified)

EXTENSIONS AND OTHER CHANGES

— German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to July 4 from Feb. 16 as Commission started in-depth investigation)

— U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to April 5 from March 26)

FIRST-STAGE REVIEWS BY DEADLINE

FEB 21

— U.S. car parts supplier Key Safety Systems, which is a unit of China’s Ningbo Joyson Electronic Corp, to acquire Japanese car parts maker Takata Corp (notified Jan. 17/deadline Feb. 21)

FEB 28

— Spanish energy company Repsol and South Korean carmaker KIA Motors to set up a car-sharing joint venture (notified Jan. 24/deadline Feb. 28/simplified)

— Chinese car parts maker Hasco and Canadian peer Magna to set up a joint venture (notified Jan. 24/deadline Feb. 28/simplified)

MARCH 2

— Private equity firm TA Associates to aquire a minority stake in software company Flexera Holdings (notified Jan. 26/deadline March 2/simplified)

— Insurer ReAssure, which is part of Swiss Re, to acquire UK insurer Legal & General Group’s Actaeon insurance business (notified Jan. 26/deadline March 2/simplified)

MARCH 5

— French private equity firm Pai Partners to acquire French packaging group Albea (notified Jan. 29/deadline March 5/simplified)

MARCH 6

— Australian chemicals maker Nufarm to acquire European crop protection product portfolio from Adama Agricultural Solutions Ltd and Syngenta (notified Jan. 30/deadline March 6)

MARCH 8

— Michelin North America and Sumitomo Corp of America to start a joint venture (notified Feb. 1/deadline March 8/simplified)

MARCH 9

— Chemicals company Quaker Chemical Corp and Hinduja Group’s Houghton Internatioal to merge (notified Feb. 2/deadline March 9)

— Singapore Airlines and Canadian training centre operator CAE International Holdings Ltd to set up a joint venture (notified Feb. 2/deadline March 9/simplified)

— British broadcaster Channel 4 to acquire joint control of European Broadcaster Exchange, which is jointly owned by Germany’s ProSiebenSat.1 Media SE, Television Francaise, Mediaset S.p.A and Spanish TV networks (notified Feb. 2/deadline March 9/simplified)

MARCH 12

— France’s Oney Bank S.A. which is part of Auchan Holding S.A., and web platform 4Finance to set up a joint venture (notified Feb. 5/deadline March 12/simplified)

MARCH 14

— Private equity firm Lone Star to acquire Nordic building materials distributor Stark from British company Ferguson (notified Feb. 7/deadline March 14)

MARCH 15

— Canada’s Brookfield Business Partners to acquire a controlling stake in plastic packaging maker Schoeller Allibert from an indirect subsidiary of JPMorgan Chase & Co (notified Feb. 8/deadline March 15/simplified)

MARCH 16

— Steelmaker ArcelorMittal to acquire a stake in Italian auto parts and steel products maker Centro Servizi Metalli S.p.A. (notified Feb. 9/deadline March 16/simplified)

— British turnaround specialist Melrose Industries to acquire British engineering company GKN (notified Feb. 9/deadline March 16/simplified)

— U.S. packaging company Crown Holdings Inc to acquire U.S. peer Signode Industrial Group Holdings Ltd (notified Feb. 9/deadline March 16/simplified)

— Canada’s Brookfield Business Partners to acquire U.S. nuclear plant maker Westinghouse Electric Co LLC from Japan’s Toshiba Corp (notified Feb. 9/deadline March 16/simplified)

MARCH 19

— Canadian pension fund Caisse de Depot Et Placement du Quebec to acquire joint control of Hyperion Insurance Group (notified Feb. 12/deadline March 19/simplified)

- Caisse de depot et placement du Quebec and IFM Investors to take joint control of Mexican toll road operator Conmex. (notified Feb. 12/ deadline March 19/ simplified)

MARCH 20

- Apollo Capital Management to take full control of German apparel maker CBR Fashion Holding. (notified Jan. 13/ deadline March 20/ simplified)

MARCH 21

- Goldman Sachs and Centerbridge Partners to acquire joint control of Polish real estate developer Robyg. (notified Jan. 14/ deadline March 21/ simplified)

- Swiss Life and CNP Assurances to jointly acquire oil terminal operator Pisto. (notified Jan. 14/ deadline March 21/ simplified)

- Axion and Enegas to set up joint venture. (notified Jan. 14/ deadline March 21/ simplified)

MARCH 22

— Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline extended to March 22 from March 8)

APRIL 4

— Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to April 4 from March 23 after the companies asked for more time)

APRIL 5

— German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to April 5 from March 12 after Bayer offered concessions)

— U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to April 5 from March 26)

MAY 30

— South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to May 30 from mAY 15)

JULY 4

— German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to July 4 from Feb. 16 after Commission started in-depth investigation)

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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