June 12, 2012 / 1:38 PM / in 6 years

EU mergers and takeovers (June 12)

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


-- POSCO Chemtech, which is a subsidiary of South Korean steelmaker POSCO ; Japan’s Mitsubishi Chemical Holdings Corp and Japanese trading house Mitsubishi Corp to set up a joint venture (approved June 11)


-- Private equity firm Bain Capital to acquire holding company Scandinavian Installations Refi which owns energy company Bravida with operations in Sweden, Denmark and Norway (notified June 7/deadline July 12/simplified)

-- Spanish bank Santander, Hyundai Motor Company , Hyundai Capital Services and Kia Motors UK Ltd to set up a joint venture (notified May 30/deadline July 4/simplified)


-- 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)



-- Belgian chemicals company Solvay and French peer Air Liquide to form a fluorine gas business joint venture )notified May 2/deadline June 12/simplified)


-- France’s La Poste and Switzerland’s Swiss Post to set up a joint venture for cross border mail activities (notified May 11/deadline June 20)


-- Spanish oil product company Disa Corporacion Petrolifera to acquire joint control of Shell Aviation Espana, a unit of Shell (notified April 26/deadline extended to June 21 after Spanish competition regulators asked for the case to be referred to them)


-- Dutch insurer Aegon to acquire a joint stake in Spanish life insurer Liberbank Vida from Spanish lender Liberbank (notified May 15/deadline June 22/simplified)

-- Germany’s Bertelsmann to acquire a stake in German software company Bidmanagement (notified May 15/deadline June 22/simplified)

-- Swedish paper company SCA to acquire the European tissue operations of Georgia-Pacific Europe (notified May 15/deadline June 22)


-- Russia’s EuroChem to acquire German potash miner K+S’s nitrogen fertiliser distribution business (notified May 21/deadline June 26/simplified)

-- German engine maker Tognum and Russian engine producer TMH to form a joint venture (notified May 21/deadline June 26/simplified)

-- German car parts maker Robert Bosch to acquire the automotive service business of U.S. manufacturer SPX Service Solutions Business (notified May 21/deadline June 26)

-- U.S. technology distributor Arrow Electronics to acquire computing product distributor Altimate Group which is a unit of Irish business services group DCC Plc (notified May 21/deadline June 26)

-- Swiss-based trader Vitol and private equity investor AtlasInvest to acquire certain Swiss assets from Petroplus (notified May 21/deadline June 26/simplified)

-- Malta-based oil and aluminium company Klesch Group to acquire a subsidiary of French chemicals company Arkema (notified May 21/deadline June 26/simplfied)

-- Samsung Electronics to acquire sole control of Samsung Mobile Display Co which is now jointly controlled by Samsung Electronics and Samsung SDI Co Ltd (notified May 21/deadline June 26/simplified)

-- Hon Hai to acquire a 46.5 percent stake in Sharp Display Products which is owned by Sharp (notified May 21/deadline June 26)


-- 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 to June 29 from June 15 after Austrian competition regulators asked for the case to be referred to them)

-- Private equity firm CVC to acquire business consultancy Alix Partners (notified May 24/deadline June 29/simplified)

-- German animal product manufacturer Saria bio-Industries AG, which is controlled by German privately-owned water management and logistics company Rethmann, to set up a joint venture together with Danish meat processing company Danish Crown (notified May 24/deadline June 29)

-- Toshiba Tech Corp, a unit of Japan’s Toshiba Corp, to buy IBM’s point-of-sale terminal business (notified May 24/deadline June 29)


-- Venture capital firm BPCE to acquire joint control of staffing agency Accent Jobs For People (notified May 25/deadline July 2/simplified)

-- Swedish telecoms equipment maker Ericsson to acquire technology services company Technicolor Broadcasting Services (notified May 25/deadline July 2/simplified)


-- British telecoms operator Vodafone to acquire telecoms provider Cable & Wireless Worldwide (notified May 29/deadline July 3)

-- Geneva-based commodities trader Vitol to buy a stake in the Cockett Group which is involved in bunkering activities and is a subsidiary of South African shipping firm Grindrod (notified May 29/deadline July 3/simplified)


-- Japanese cash handling machine maker Glory Ltd to acquire Britain’s Talaris Topco Ltd (notified May 30/deadline July 4)


-- Animal feed producer Forfarmers to acquire holding company Agricola which owns a group of British animal feed suppliers operating under the trade name BOCM Pauls (notified May 31/deadline July 5)

-- Germany car maker Volkswagen’s Audi division to buy Italian motorcycle maker Ducati (notified May 31/deadline July 5/simplified)

-- Finnish engineering company Metso to acquire Finnish ship and power plant engine maker Wartsila’s holding in their MW Power joint venture. Metso currently owns 60 percent and Wartsila 40 percent of MW Power (notified May 31/deadline July 5/simplified)


-- Private equity firm Providence Equity Partners to acquire HSE24, which operates teleshopping broadcasters in Germany (notified June 1/deadline July 6/simplified)


-- Swiss commodities trader Glencore to acquire Canadian grain handler Viterra Inc (notified June 4/deadline July 9/simplified)


-- Proposed acquisition of joint control of electronics components maker NEC TOKIN Corp. by KEMET Electronics Corp. and NEC Corp. (notified June 7/deadline July 12)


-- OK ekonomisk förening (OKEF) and Kuwait Petroleum Corporation to acquire joint control of Kuwait Petroleum (Danmark) (notified June 8/deadline July 13/simplified)

AUG 31

-- U.S. conglomerate United Technologies Corp to acquire U.S. aircraft components maker Goodrich (notified Feb. 20/deadline extended for the second time to Aug. 31 from Aug. 9/companies offered commitments June 11)


-- 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 second time to Sept. 6 from Aug. 8 after the Commission asked for more time)


-- Telefonica UK and Vodafone UK to set up a joint venture providing mobile commerce services (notified March 6/deadline extended for the second time to Sept. 19 from Aug. 27 after the companies requested an extension)



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. (Editing by Foo Yun Chee)

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