March 12, 2018 / 12:32 PM / 6 months ago

EU mergers and takeovers (March 12)

BRUSSELS, March 12 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

— British turnaround specialist Melrose Industries to acquire British engineering company GKN (notified Feb. 9/approved March 8/simplified)

— Apollo Capital Management to take full control of German apparel maker CBR Fashion Holding (notified Jan. 13/ approved March 9/ simplified)

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

— Spanish telecoms infrastructure provider Axion and Spanish gas transmission operator Enagas to set up a joint venture (notified Jan. 14/ approved March 9/ simplified)

— Swiss Life and CNP Assurances to jointly acquire oil terminal operator Pisto (notified Jan. 14/ approved March 12/ simplified)

NEW LISTINGS

— Germany’s BASF to acquire sole control of a divestment package as well as the vegetable seeds business from Bayer. Bayer is making these divestments to have its merger with Monsanto approved. (notified March. 7/deadline April 16)

— Apollo Capital Management and JSW Steel Limited to take joint control of Monnet Ispat Energy Limited. (notified March 2/deadline April 11/simplified)

— Lenovo Group and Fujitsu to set up joint venture whereby Lenovo acquires majority stake in certain assets of Fujitsu’s PC business. (notified March 7/deadline April 16)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

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 19

— 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 21

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

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

MARCH 23

— Chemicals company Quaker Chemical Corp and Hinduja Group’s Houghton Internatioal to merge (notified Feb. 2/deadline extended to March 23 from March 9 after the companies provided concessions)

— Canada Pension Plan Investment Board (CPPIB) and holding company BHL Holdings Ltd to acquire joint control of BGL (Holdings) Ltd which owns several price comparison websites (notified Feb. 16/deadline March 23/simplified)

— German steel company ELG Haniel and and Spanish peer Iberinox 88 SA to set up a joint venture (notified Feb. 16/deadline March 23/simplified)

MARCH 27

— APMH Invest, which is a subsidiary of Danish shipper AP Moeller Maersk, and Mitsui & Co to set up a joint venture Maersk Product Tankers (notified Feb. 20/deadline March 27/simplified)

— Marubeni Itochu Steel and Sumitomo Corp to acquire joint control of Hiroshima Steel Center Ltd, which is a unit of Marubeni Itochu Steel (notified Feb. 20/deadline March 27/simplified)

MARCH 28

— French private equity firm Ardian to acquire resin maker DRT (notified Feb. 21/deadline March 28/simplified)

— Diamond Transmission Corp, which is a unit of Mitsubishi Corp and investment vehicle IIO1, and Infrared Capital Partners to set up a joint venture (notified Feb. 21/deadline March 28/simplified)

APRIL 3

— Private equity firm Advent International to acquire French telephony products distributor Circet Groupe (notified Feb. 22/deadline April 3/simplified)

APRIL 4

— Swiss luxury goods group Richemont to acquire e-commerce portal Yoox Net-A-Porter Group (notified Feb. 23/deadline April 4/simplified)

— Chinese conglomerate Fosun to acquire German pension insurer Pro Bav Pensionskasse (notified Feb. 23/deadline April 4/simplified)

— Austrian company Borealis, Canada’s Nova Chemicals and French oil and gas major Total to set up a joint venture (notified Feb. 23/deadline April 4/simplified)

APRIL 5

— Private equity firm KKE to acquire UK car parts maker Tekfor (notified Feb. 26/deadline April 5/simplified)

— 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)

— 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)

APRIL 6

— Private equity firm KKR to acquire Anglo-Dutch consumer products group Unilever’s margarine and spreads business (notified Feb. 27/deadline April 6/simplified)

APRIL 9

— U.S. software company IBM and Danish shipping company Maersk to set up a joint venture (notified Feb. 28/deadline April 9/simplified)

— Private equity firm Platinum Equity Group to acquire U.S. hotelier Wyndham Worldwide Corp’s European vacation rental business (notified Feb. 28/deadline April 9/simplified)

APRIL 10

— Australian investment bank Macquarie Group to acquire Danish telecoms company TDC (notified March 1/deadline April 10/simplified)

APRIL 11

— Private equity firm Equistone Partners Europe to acquire French leisure travel services providers Fram and Karavel (notified March 2/deadline April 11/simplified)

— French oil and gas major Total to acquire part of French gas and power group Engie’s liquified natural gas business (notified March 2/deadline April 11)

— Apollo Capital Management and JSW Steel Limited to take joint control of Monnet Ispat Energy Limited. (notified March 2/deadline April 11/simplified)

APRIL 16

— Germany’s BASF to acquire sole control of a divestment package as well as the vegetable seeds business from Bayer. Bayer is making these divestments to have its merger with Monsanto approved. (notified March. 7/deadline April 16)

— Strategic Value Partners to take control of polyurethane foam maker Vita Group (notified March. 7/deadline April 16/simplified)

— Lenovo Group and Fujitsu to set up joint venture whereby Lenovo acquires majority stake in certain assets of Fujitsu’s PC business. (notified March 7/deadline April 16)

APRIL 19

— Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to April 19 from April 4)

JUNE 7

— 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 June 7)

JULY 18

— German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to July 18 from July 4)

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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