EU mergers and takeovers (Oct 12)

BRUSSELS Fri Oct 12, 2012 7:30am EDT

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

APPROVALS AND WITHDRAWALS

-- U.S. technology distributor Ingram Micro Inc to acquire rival BrightPoint Inc (approved Oct. 12)

NEW LISTINGS

None

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

OCT 15

-- Austrian engineer Andritz to purchase German peer Schuler (notified Sept. 10/deadline Oct. 15)

OCT 22

-- OAO VTB Bank and Corporate Commercial Bank to acquire Bulgarian mobile operator Bulgarian Telecommunications Co (BTC) (notified Sept. 17/deadline Oct. 22/simplified)

OCT 24

-- French agricultural products producer Vivescia to acquire miller Atrixo (notified Sept. 19/deadline Oct. 24/simplified)

OCT 26

-- U.S. fund Brookfield Infrastructure to buy a stake in Spanish toll road operator Abertis as part of a joint deal to acquire a stake in OHL's highway assets in Brazil (notified Sept. 21/deadline Oct. 26/simplified)

OCT 29

-- Belgian insurer Ageas to acquire the British non-life insurance busienss of French peer Groupama (notified Sept. 24/deadline Oct. 29/simplified)

OCT 30

-- Investment firm Carlyle Group LP to buy Dupont's car paint business (notified Sept. 25/deadline Oct. 30/simplified)

-- Private equity firm Triton to purchase European Directories (notified Sept. 25/deadline Oct. 30/simplified)

-- Private equity firm Clayton, Dubilier & Rice to acquire a majority stake in the decorative surfaces unit owned by Illinois Tool Works Inc (notified Sept. 25/deadline Oct. 30/simplified)

OCT 31

-- German car parts supplier Continental AG to cooperate with South Korean SK Innovation in lithium-ion battery technology for electric cars (notified Sept. 26/deadline Oct. 31/simplified)

NOV 5

-- Private equity firm Sun Capital Partners to acquire British drinks maker Rexam's cosmetics, toiletries and household care business (notified Sept. 27/deadline Nov. 5)

NOV 8

-- Commodities trader Glencore to acquire miner Xstrata (notified Oct. 2/deadline Nov. 8)

NOV 9

-- Hungarian oil and gas company MOL and JSC KazMunaiGas Exploration Production, which is majority-owned by Kazakh state oil and gas company JSC National Company KazMunaiGas to set up an oil and gas joint venture (notified Oct. 3/deadline Nov. 9/simplified)

NOV 12

-- General Electric and consulting and outsourcing group Accenture to acquire indirect joint control of a newly set up U.S. joint venture (notified Oct. 4/deadline Nov. 12/simplified)

-- Swiss insurer Helvetia Insurance to acquire French insurer Groupama's French shipping insurance portfolio (notified Oct. 4/deadline Nov. 12)

NOV 13

-- Swedish packaging companies Kinnevik and Billerud to merge (notified Oct. 5/deadline Nov. 13)

-- Japanese conglomerate Toyota Tsusho Corp to acquire distributor CFAO (notified Oct. 5/deadline Nov. 13/simplified)

NOV 14

-- Private equity firms First Reserve Management and SK Capital Partners to acquire indirect joint control of petrochemical product maker TPC (notified Oct. 8/deadline Nov. 14/simplified)

NOV 15

-- U.S. consumer products maker Procter & Gamble and Israeli drugmaker Teva to set up a joint venture (notified Oct. 9/deadline Nov. 15)

NOV 16

-- U.S. machinery maker Terex and Russian auto maker GAZ, which is controlled by Russian business conglomerate Basic Element Group, to set up a joint venture (notified Oct. 10/deadline Nov. 16/simplified)

-- Finnish group Outokumpu to acquire German group ThyssenKrupp's Inoxum stainless steel unit (notified April 10/deadline extended for the third time to Nov. 16 from Oct. 24 after Outokumpu offered commitments)

NOV 30

-- Hong Kong's Hutchison 3G, which is part of Hutchison Whampoa, to acquire telecoms operator Orange Austria from France Telecom (notified May 7/deadline extended for the third time to Nov. 30 from Nov. 27 to allow a market test of Hutchison 3G's concessions)

JAN 15

-- U.S. mail delivery company United Parcel Service Inc to acquire Dutch peer TNT Express (notified June 15/deadline extended for the fourth time to Jan. 15 from Dec. 20 after the European Commission asked for more time)

FEB 6

-- Ryanair to acquire Aer Lingus (notified July 24/deadline extended for the second time to Feb. 6 from Jan. 14)

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.

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
pppjnsn wrote:
It would seem that the Asian market is very keen to cooperate with European companies now and it is the one’s that are already very active there that will be able to provide this most successfully. Continental AG ‘s cooperation with SK Innovation should be very beneficial. Continental’s largest single shareholder The Scaheffler Group are also very strong in this area, with currently 14 factories in which they have recently tripled their investments. Alos it will be interesting to see who takes up Pakistan’s offers of incentive’s to autotech companies.

Oct 13, 2012 9:27am EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.