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EU mergers and takeovers (May 2)
May 2, 2012 / 2:45 PM / 6 years ago

EU mergers and takeovers (May 2)

BRUSSELS, May 2 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- CVC Capital Partners to acquire Nordic construction products and machinery distributor Ahlsell from Cinven and Goldman Sachs Capital Partners (approved April 30)

NEW LISTINGS

-- Luxembourg-based paper producer Lecta to aquire the Italian business Polyedra from Australian paper manufacturer Paperlinx (notified April 30/deadline June 11/simplified)

EXTENSIONS AND OTHER CHANGES

-- British packaging company DS Smith to acquire the recyclyed packaging operations of Svenska Cellulosa Aktiebolaget (SCA) (notified March 28/deadline extended to May 25 from May 8 after DS Smith offered commitments)

FIRST-STAGE REVIEWS BY DEADLINE

MAY 4

-- Austrian brickmaker Wienerberger to acquire the remaining 50 percent share in plastic pipe maker Pipelife International from Belgian chemicals group Solvay (notified March 26/deadline May 4/simplified)

-- Scholz Austria to acquire joint control of waste management company Asaler Familienholding GmbH (notified March 26/deadline May 4/simplified)

MAY 7

-- Dutch retailer Ahold to acquire Dutch non-food online retailer Bol.com from Cyrte Investments and NPM Capital(notified March 27/deadline May 7)

MAY 8

-- U.S. cereal company Kellogg Co to acquire Pringles potato chips from U.S. household products maker Procter & Gamble Co (notified March 28/deadline May 8/simplified)

MAY 10

-- Dong Energy and Boston Holdings to set up a wind park joint venture (notified March 29/deadline May 10)

-- French power utility EDF to acquire control of Italian utility Edison (notified March 29/deadline May 10)

MAY 11

-- Swiss engineering group ABB to acquire U.S. electrical components maker Thomas Betts (notified March 30/deadline May 11/simplified)

-- French dairy product group Lactalis to acquire Swedish dairy cooperative Skanemejerier (notified March 30/deadline May 11)

May 14

-- Miner Rio Tinto to acquire sole control of miner Richards Bay Minerals (notified April 2/deadline May 14/simplified)

-- Irish investment fund ESB NM and oil group BP to acquire joint control of British start-up Heliex Power Ltd (notified April 2/deadline May 14/simplified)

-- Swedish group Freudenberg & Co and Swedish car parts company Trelleborg to set up a car parts joint venture (notified April 2/deadline May 14)

MAY 16

-- Royal Bank of Canada to acquire British fund services company RBC Dexia Investor Services Ltd (notified April 4/deadline May 16/simplified)

MAY 21

-- Finnish group Outokumpu to acquire German group ThyssenKrupp’s Inoxum stainless steel unit (notified April 10/deadline May 21)

MAY 22

-- German sugar company Suedzucker to acquire a 25 percent stake in British commodities trading company ED&F Man (notified Sept. 19/deadline extended for the third time to May 22 from April 25 after Suedzucker offered more commitments)

MAY 25

-- Eastman Chemical Co. to acquire chemicals firm Solutia Inc. (notified April 16/deadline May 25)

MAY 29

-- Belgian-based AGC Glass Europe to acquire majority stake in Germany’s Interpane International Glas (notified April 17/deadline May 29)

JUNE 4

-- German property services provider RGM and builder Alpine Bau to acquire joint control of property developer BIP (notified April 23/deadline June 4/simplified)

-- Mexican industrial conglomerate Mexichem to acquire Dutch peer Wavin (notified April 23/deadline June 4)

JUNE 5

-- French insurer CNP Assurances Swiss Life France (notified April 24/deadline June 5/simplified)

JUNE 6

-- Pratt & Whitney which is a unit of U.S. maker of elevators and air conditioners United Technologies Corp, British company Rolls-Royce plc, Japanese Aero Engines Corp and Germany’s MTU Aero Engines GmbH to set up a joint venture called International Aero Engines (notified April 25/deadline June 6/simplified)

JUNE 7

- Dow Europe Holding, a unit of U.S. company, Dow Chemical Company, to aquire joint control of carbon products company Aksa Karbon which is now solely controlled by Turkish conglomerate Aksa Akrilik (notified April 26/deadline June 7/simplified)

-- Spanish oil product company Disa Corporacion Petrolifera to acquire joint control of Shell Aviation Espana S.L. from Shell Espana S.A, which is part of Royal Dutch Shell Plc (notified April 26/deadline June 7)

AUG 9

-- U.S. conglomerate United Technologies Corp to acquire U.S. aircraft components maker Goodrich (notified Feb. 20/deadline extended to Aug. 9 from March 26 after the Commission opens an-depth investigation)

AUG 27

-- Telefonica UK and Vodafone UK to set up a joint venture providing mobile commerce services (notified March 6/deadline extended to Aug. 27 from April 13 after the Commnission opens an in-depth investigation)

SEPT 6

-- 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)

GUIDE TO EU MERGER PROCESS

DEADLINES:

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.

SIMPLIFIED:

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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