March 7, 2018 / 1:00 PM / 2 years ago

EU mergers and takeovers (March 7)

BRUSSELS, March 7 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:


— Australian chemicals maker Nufarm to acquire European crop protection product portfolio from Adama Agricultural Solutions Ltd and Syngenta (approved March 6)

— British broadcaster Channel 4 to acquire joint control of European Broadcaster Exchange, which is jointly owned by Germany’s ProSiebenSat.1 Media SE, Television Francaise, Mediaset S.p.A and Spanish TV networks (approved March 6)

— Canadian pension fund Caisse de Depot Et Placement du Quebec to acquire joint control of Hyperion Insurance Group (approved March 6)


— PPF Group to acquire sole control of Czech transportation company Skoda Transportation and its subsidiaries rail vehicles research company VUKV, production facilities provider Jokiaura Kakkonen, holding company Satacoto, property services company Skoda Investment and repair services provider Bammer Trade (notified March 6/deadline April 13/simplified)

— Canadian asset management company Brookfield to acquire Spanish renewable energy company Saeta (notified March 6/deadline April 13/simplified)

— Insurer Sedgwick, which is controlled by private equity firm KKR, to acquire insurance services provider Cunningham Lindsey (notified March 6/deadline April 13)

— U.S. private equity firm Global Infrastructure Partners to acquire Italian train operator Nuovo Trasporto Viaggiatori S.p.A. (notified March 5/deadline April 12/simplified)

— Investment funds Prime Credit 3, Oxalis Holding and three individuals to acquire joint control of Phoenix Asset Management, which is now owned by the three individuals (notified March 5/deadline April 12/simplified)





— Private equity firm Lone Star to acquire Nordic building materials distributor Stark from British company Ferguson (notified Feb. 7/deadline March 14)


— Canada’s Brookfield Business Partners to acquire a controlling stake in plastic packaging maker Schoeller Allibert from an indirect subsidiary of JPMorgan Chase & Co (notified Feb. 8/deadline March 15/simplified)


— Steelmaker ArcelorMittal to acquire a stake in Italian auto parts and steel products maker Centro Servizi Metalli S.p.A. (notified Feb. 9/deadline March 16/simplified)

— British turnaround specialist Melrose Industries to acquire British engineering company GKN (notified Feb. 9/deadline March 16/simplified)


— Caisse de depot et placement du Quebec and IFM Investors to take joint control of Mexican toll road operator Conmex (notified Feb. 12/ deadline March 19/ simplified)


— Apollo Capital Management to take full control of German apparel maker CBR Fashion Holding (notified Jan. 13/ deadline March 20/ simplified)


— Goldman Sachs and Centerbridge Partners to acquire joint control of Polish real estate developer Robyg (notified Jan. 14/ deadline March 21/ simplified)

— Swiss Life and CNP Assurances to jointly acquire oil terminal operator Pisto (notified Jan. 14/ deadline March 21/ simplified)

— Spanish telecoms infrastructure provider Axion and Spanish gas transmission operator Enegas to set up a joint venture (notified Jan. 14/ deadline March 21/ simplified)

— Goldman Sachs and Centerbridge Partners to acquire joint control of Polish real estate developer Robyg (notified Jan. 14/ deadline March 21/ simplified)


— Chemicals company Quaker Chemical Corp and Hinduja Group’s Houghton Internatioal to merge (notified Feb. 2/deadline extended to March 23 from March 9 after the companies provided concessions)

— Canada Pension Plan Investment Board (CPPIB) and holding company BHL Holdings Ltd to acquire joint control of BGL (Holdings) Ltd which owns several price comparison websites (notified Feb. 16/deadline March 23/simplified)

— German steel company ELG Haniel and and Spanish peer Iberinox 88 SA to set up a joint venture (notified Feb. 16/deadline March 23/simplified)


— APMH Invest, which is a subsidiary of Danish shipper AP Moeller Maersk, and Mitsui & Co to set up a joint venture Maersk Product Tankers (notified Feb. 20/deadline March 27/simplified)

— Marubeni Itochu Steel and Sumitomo Corp to acquire joint control of Hiroshima Steel Center Ltd, which is a unit of Marubeni Itochu Steel (notified Feb. 20/deadline March 27/simplified)


— French private equity firm Ardian to acquire resin maker DRT (notified Feb. 21/deadline March 28/simplified)

— Diamond Transmission Corp, which is a unit of Mitsubishi Corp and investment vehicle IIO1, and Infrared Capital Partners to set up a joint venture (notified Feb. 21/deadline March 28/simplified)


— Private equity firm Advent International to acquire French telephony products distributor Circet Groupe (notified Feb. 22/deadline April 3/simplified)


— Swiss luxury goods group Richemont to acquire e-commerce portal Yoox Net-A-Porter Group (notified Feb. 23/deadline April 4/simplified)

— Chinese conglomerate Fosun to acquire German pension insurer Pro Bav Pensionskasse (notified Feb. 23/deadline April 4/simplified)

— Austrian company Borealis, Canada’s Nova Chemicals and French oil and gas major Total to set up a joint venture (notified Feb. 23/deadline April 4/simplified)


— Private equity firm KKE to acquire UK car parts maker Tekfor (notified Feb. 26/deadline April 5/simplified)

— U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to April 5 from March 26)

— German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to April 5 from March 12 after Bayer offered concessions)


— Private equity firm KKR to acquire Anglo-Dutch consumer products group Unilever’s margarine and spreads business (notified Feb. 27/deadline April 6/simplified)


— U.S. software company IBM and Danish shipping company Maersk to set up a joint venture (notified Feb. 28/deadline April 9/simplified)

— Private equity firm Platinum Equity Group to acquire U.S. hotelier Wyndham Worldwide Corp’s European vacation rental business (notified Feb. 28/deadline April 9/simplified)


— Australian investment bank Macquarie Group to acquire Danish telecoms company TDC (notified March 1/deadline April 10/simplified)


— Private equity firm Equistone Partners Europe to acquire French leisure travel services providers Fram and Karavel (notified March 2/deadline April 11/simplified)

— French oil and gas major Total to acquire part of French gas and power group Engie’s liquified natural gas business (notified March 2/deadline April 11)


— Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to April 19 from April 4)


— South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to June 7)


— German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to July 18 from July 4)


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. (Reporting by Foo Yun Chee)

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