Sailing-Winds of change for America's Cup in Bermuda Triangle
HAMILTON, Bermuda, June 24 Mystery surrounds what next for the America's Cup if New Zealand win sailing's most prestigious prize in Bermuda next week.
BRUSSELS Oct 17 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 Advent to acquire German consumer goods retailer Douglas Holding (notified Oct. 16/deadline Nov. 22/simplified)
-- Chinese refiner Sinopec Corp to set up a joint venture with Canadian oil and gas exploration company Talisman Energy Inc (notified Oct. 16/deadline Nov. 22/simplified)
EXTENSIONS AND OTHER CHANGES
FIRST-STAGE REVIEWS BY DEADLINE
-- OAO VTB Bank and Corporate Commercial Bank to acquire Bulgarian mobile operator Bulgarian Telecommunications Co (BTC) (notified Sept. 17/deadline Oct. 22/simplified)
-- French agricultural products producer Vivescia to acquire miller Atrixo (notified Sept. 19/deadline Oct. 24/simplified)
-- 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)
-- Belgian insurer Ageas to acquire the British non-life insurance business of French peer Groupama (notified Sept. 24/deadline Oct. 29/simplified)
-- 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)
-- 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)
-- 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)
-- British chip designer ARM, German technology company Giesecke & Devrient and French smart card maker Gemalto to set up a joint venture on mobile security (notified June 15/deadline Nov. 6/commitments submitted Oct. 12)
-- Commodities trader Glencore to acquire miner Xstrata (notified Oct. 2/deadline Nov. 8)
-- 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)
-- 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)
-- 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)
-- 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)
-- U.S. consumer products maker Procter & Gamble and Israeli drugmaker Teva to set up a joint venture (notified Oct. 9/deadline Nov. 15)
-- 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)
-- U.S. appliance maker Whirlpool to acquire more shares in German kitchen manufacturer Alno (notified Oct. 12/deadline Nov. 20)
-- 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)
-- 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)
-- 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
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.
June 23 The U.S. Marine Corps said on Friday it resumed flight operations for Lockheed Martin Corp's F-35B fighter jets after temporarily suspended operations a day ago because of software problems.