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EU mergers and takeovers (July 29)
July 29, 2016 / 5:10 PM / a year ago

EU mergers and takeovers (July 29)

BRUSSELS, July 29 (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 Partners Group-led consortium to acquire French property management services provider Foncia from private equity firms Bridgepoint and Eurazeo (approved July 28)

NEW LISTINGS

-- Investment bank Goldman Sachs and private equity firm Altor Fund to jointly acquire marine electronics maker Navico and marine maps provider C-Map (notified July 28/deadline Sept. 2/simplified)

-- U.S. healthcare services provider McKesson Corp and asset manager Blackstone to set up a joint venture (notified July 27/deadline Sept. 1/simplified)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

AUG 1

-- Sony Corp to buy out the Michael Jackson estate’s stake in its music publishing joint venture (notified June 24/deadline Aug. 1)

AUG 3

-- British mobile telephony operator Vodafone and U.S. cable company Liberty Global to merge their Dutch operations (notified June 14/deadline Aug. 3/commitments submitted on July 12)

AUG 4

-- French drugmaker Sanofi to acquire Germany company Boehringer Ingelheim’s consumer healthcare business (notified June 15/deadline extended to Aug. 4 from July 20 after Sanofi submitted concessions)

-- Swedish carmaker Volvo to acquire joint control of financial services provider Volvofinans Bank (notified June 29/deadline Aug. 4/simplified)

AUG 8

-- Finnish crane maker Konecranes to acquire U.S. crane maker Terex’s cranes business for ports and factories (MHPS) (deadline June 17/deadline extended to Aug. 8 from July 25 after Konecranes offered concessions)

AUG 9

-- Japanese tyre maker Bridgestone Corp and German tyre retailer Pneuhage Management GmbH & Co. KG to set up a joint venture (notified July 4/deadline Aug. 9/simplified)

-- Dutch paints and coating producer Akzo Nobel to acquire German chemicals maker BASF’s industrial coatings business (notified July 4/deadline Aug. 9)

AUG 10

-- Buyout firm EQT to acquire German engineering services group Bilfinger’s building and facility unit (notified July 5/deadline Aug. 10/simplified)

-- U.S. paint company Sherwin-Williams Co to acquire U.S. rival Valspar Corp (notified July 5/deadline Aug. 10)

AUG 11

-- U.S. chemicals company Dow Chemical to merge with DuPont (notified June 22/deadline extended to Aug. 11 from July 28 after the companies offered concessions)

AUG 12

-- Private equity firm Triton to acquire techical services provider Voith Industrial Services (notified July 7/deadline Aug. 12/simplified)

-- Brazilian steel producer Gerdau and Japan’s Sumitomo Corp to set up a joint venture (notified July 7/deadline Aug. 12/simplified)

-- U.S. contract medical research provider Quintiles Transnational Holdings Inc to merge with U.S. healthcare information company IMS Health Holdings Inc (notified July 7/deadline Aug. 12)

AUG 16

-- Italian lender FCA Bank S.p.A. to acquire joint control of auto financing services provider Ferrari financial services (notified July 8/deadline Aug. 16/simplified)

AUG 18

-- Italian holding company Italmobiliare S.p.A. to acquire Italian private equity company Clessidra SGR (notified July 12/deadline Aug. 18/simplified)

AUG 19

-- Investment fund Watling Street to acquire electricity meter and set-top box maker Sagemcom (notified July 13/deadline Aug. 19/simplified)

AUG 23

-- Private equity firm CVC Capital Partners to acquire Italian betting company Sisal Group (notified July 15/deadline Aug. 23/simplified)

AUG 25

-- Japan Tunnel Systems Corp and Mitsubishi Heavy Industries to set up a joint venture (notified July 19/deadline Aug. 25/simplified)

AUG 26

-- French investment company Ardian and French insurer Credit Agricole Assurances to jointly acquire French parking operator Indigo Infra (notified July 20/deadline Aug. 26/simplified)

AUG 29

-- Dutch employment agency Randstad to acquire French peer Ausy (notified July 22/deadline Aug. 29/simplified)

-- Canadian private equity firm Onex Corp to acquire U.S. wire and cable maker Wireco (notified July 22/deadline Aug. 29/simplified)

-- Belgian investment company Cobepa to acquire German logistics company JF Hillebrand Group (notified July 22/deadline Aug. 29/simplified)

AUG 30

-- Polish chemicals company Synthos to acquire Swiss-based chemicals group Ineos’ expandable polystyrene business INEOS Styrenics (notified July 25/deadline Aug. 30)

-- Japanese cosmetics company Shiseido to acquire Italian fashion house Dolce Gabana’s fragrances, colour cosmetics and skincare business (notified July 25/deadline Aug. 30/simplified)

-- British industrial property developer Segro and Canada’s Public Sector Pension Investment Board to acquire a French logistics business (notified July 25/deadline Aug. 30/simplified)

SEPT 1

-- Private equity firm Advent International to acquire New Zealand resins and coating company Nuplex Industries (notified July 27/deadline Sept. 1)

SEPT 8

-- CK Hutchison Holdings Ltd and Vimpelcom to merge their Italian mobile operations (notified Feb. 5/deadline extended to Sept. 8 from Aug 18)

OCT 24

-- U.S. rail equipment maker Wabtec Corp to acquire French peer Faiveley Transport SA (notified April 4/deadline Oct. 24/commitments offered July 25)

SUSPENDED

-- 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

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. (Compiled by Foo Yun Chee)

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