PRESS DIGEST - Wall Street Journal - March 23
March 23 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
BRUSSELS, Sept 6 The following are mergers under review by the European Commission and a brief guide to the EU merger process:
APPROVALS AND WITHDRAWALS
-- Paper producer Voity Paper GmbH, which is a subsidiary of German technology company Voith GmbH, and industrial group IHI Corp to set up a joint venture (approved Sept. 4)
-- Commodities trader Louis Dreyfus Commodities Suisse to acquire Dutch dairy product trader Ecoval Holding BV (approved Aug. 30)
-- Rail logistics companies Comsa Rail Transport, Naviland Cargo and Grupo Logistico Sese to set up a Spanish joint venture (notified Sept. 3/deadline Oct. 8/simplified)
EXTENSIONS AND OTHER CHANGES
-- 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)
FIRST-STAGE REVIEWS BY DEADLINE
-- Tech Data Corp to acquire the 50 percent of joint venture Brightstar Europe Ltd it does not own from private equity firm Brightstar Corp (notified Aug. 7/deadline Sept. 12/simplified)
-- Aviation group EADS and Singapore airplane repair group Singapore Technologies Aerospace, which is owned by ST Engineering, to set up a joint venture Elbe Flugzeugwerke (notified Aug. 8/deadline Sept. 13)
-- Danish dairy co-operative Arla Foods to acquire British co-operative Milk Link (notified Aug. 9/deadline Sept. 14)
-- French insurer Axa to buy French engineering group Fives (notified Aug. 10/deadline Sept. 17/simplified)
-- Private equity firms Bridgepoint and Orlando Italy Management S.A. to acquire joint control of Italian cosmetic products distributor Limoni S.p.A. (notified Aug. 14/deadline Sept. 19/simplified)
-- Austrian energy company Verbund and German engineering group Siemens to set up a joint venture to provide electric mobility services in Austria (notified Aug. 16/deadline Sept. 20)
-- French insurer Euler Hermes and Spanish insurer Mapfre to set up a joint venture (notified Aug. 16/deadline Sept. 20)
-- French engineering company Alstom and French sovereign fund FSI to acquire joint control of French tramway maker Translohr (notified Aug. 17/deadline Sept. 21)
-- U.S. electronic parts distributor Avnet to buy German distributor of data center services Magirus (notified Aug. 17/deadline Sept. 21)
-- Vivendi's Universal Music Group to buy British record label EMI's recorded music unit from Citigroup Inc (notified Feb. 17/deadline extended for the third time to Sept. 27 from Sept. 6 after Universal offers remedies)
-- Danish dairy co-operative Arla Foods to acquire German co-operative Milch-Union Hocheifel (notified Aug. 24/deadline Sept. 28)
-- Hong Kong property developer Cheung Kong (Holdings) Ltd and Power Asset Holdings Ltd to buy British gas company Wales and West Utilities (notified Aug. 27/deadline Oct. 1/simplified)
-- U.S. drugmaker Watson Pharmaceuticals Inc to buy Swiss peer Actavis Group (notified Aug. 31/deadline Oct. 5)
-- Finnish group Outokumpu to acquire German group ThyssenKrupp's Inoxum stainless steel unit (notified April 10/deadline extended for the second time to Oct. 24 from Sept. 26 after the companies asked for more time)
-- 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)
-- Ryanair to acquire Aer Lingus (notified July 24/deadline extended to Jan. 14 from Aug. 29 after the European Commission opened an in-depth probe)
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.
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