EU mergers and takeovers (Feb 28)

BRUSSELS Fri Feb 28, 2014 11:34am EST

BRUSSELS Feb 28 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:


-- U.S. fuel products provider World Fuel Services Corp to buy British petroleum products distributor Watson Petroleum Ltd (approved Feb. 28)




-- Switzerland-based INEOS and Belgian chemicals company Solvay to form a joint venture (notified Sept. 16/deadline extended for the third time to April 23 from March 21/additional concessions offered on Feb. 27)

-- U.S. chemical maker Huntsman Corp to acquire U.S. peer Rockwood Holdings's titanium dioxide pigments business (notified Jan. 29/deadline March 5/Huntsman said expects European Commission to open in-depth probe)


FEB 28

-- Investment fund Apollo Group and Spanish financial services fund Fondo de Garantia de Depositos de Entidades de Credito to acquire joint control of air parts maker Synergy (notified Jan. 24/deadline Feb. 28/simplified)


-- Publisher Aller Media AB and Swedish publisher Egmont Holding AB to acquire joint control of online publisher Mediafy, which is now controlled by publisher Bonnier Tidskrijfter (notified Jan. 28/deadline March 4)


-- U.S. food packager Crown Holdings to buy Spanish food-can maker Mivisa Envases from investment funds the Blackstone Group, N+1 Mercapital and management (notified Jan. 24/deadline extended to March 14 from Feb. 28 after Crown Holdings offered concessions)

-- Spanish builder Sacyr and Lloyds Bank unit LBEIP to acquire joint control of hospital operator HC (notified Feb. 7/deadline March 14/simplified)

-- Asset management company Brookfield and Japanese shipper Mitsui O.S.K. Lines to acquire joint control of U.S. port operator International Transportation Inc, which is now solely controlled by Mitsui (notified Feb. 7/deadline March 14/simplified)

-- French insurer Predica, which is a subsidiary of French bank Credit Agricole, and Aviva France to acquire joint control of a French property developer (notified Feb. 7/deadline March 14/simplified)


-- Ireland's Kendrick Investments Ltd to take sole control of Irish oil company Topaz Energy Group and Irish investment fund Resource Property Investment Fund Plc (notified Feb. 10/deadline March 17/simplified)

-- U.S. card payment services company WEX and British peer Radius to acquire joint control of ExxonMobil's European fuel card buisness (notified Feb. 10/deadline March 17/simplified)


-- British pension fund Universities Superannuation Scheme Limited (USS) to acquire 49.9 percent of British air traffic controller The Airline Group Ltd whose shareholders are British Airways, Easyjet and Monarch Airlines (notified Feb. 11/deadliine March 18)


-- U.S. agriculture machinery maker Agco Corp and GAZ, which is a unit of Rusian car maker Basic Element, to set up a joint venture (notified Feb. 18/deadline March 25/simplified)


-- South Korean holding company Lotte to acquire joint control of coffee maker Nestle Korea from Switzerland's Nestle (notified Feb. 19/deadline March 26/simplified)


-- French utility GDF Suez, Omnes Capital and Predica Prevoyance Dialogue du Credit Agricole to acquire joint control of Futures Energies Investissements Holdings which is now solely controlled by GDF Suez (notified Feb. 20/deadline March 27/simplified)

-- Infrastructure operator Global Via Infraestructuras, which is 50 percent owned by Spanish bank Bankia, and LBEIP, which is a subsidiary of British lender Lloyds Bank to acquire joint control of Spanish hospital operator OHL Phunciona (notified Feb. 20/deadline March 27/simplified)


-- Swiss cement maker Holcim to buy some of Mexican peer Cemex's assets in Europe . (notified Sept. 3/deadline extended for the second time to May 2 from March 31)


-- Hutchison 3G UK to acquire Telefonica Ireland, a unit of Spanish telecoms provider Telefonica (notified Oct. 1/deadline extended to April 24 from March 24)

MAY 14

-- Spanish telecoms provider Telefonica to buy Dutch peer KPN's German unit (notified Oct. 31/Commission opened in-depth probe on Dec. 20, new deadline May 14)



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.

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