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EU mergers and takeovers (June 22)

June 22nd, 2017 | 11:50 AM market funds 193

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Worth reading...

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The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

-- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp's silica business (approved June 22)

-- Petrochemicals firm Ineos to acquire Danish utility and offshore wind farm developer Dong Energy's oil and gas business (approved June 21)

-- Buyout firm Blackstone and Canada Pension Plan Investment Board (CPPIB) to acquire indirect joint control of U.S. educational content provider Ascend Learning (approved June 20)

-- Private equity firms Advent International and Bain Capital Investors to jointly acquire payment services company RatePAY (approved June 19)

-- French minerals company Imerys to acquire French calcium aluminate cements maker Kerneos (approved June 19)

-- French oil services group TechnipFMC, German industrial gases group Linde AG and Russia's Research and Design Institute on Gas Processing (JSC NIPIgaspererabotka) to set up a joint venture (approved June 19)

-- German online fashion retailer Zalando and fashion company Bestseller United to set up a joint venture (approved June 16)

-- Japanese telecoms and technology group SoftBank Group to acquire U.S. private equity company Fortress Investment Group (approved June 16)

NEW LISTINGS

-- Universities Superannuation Scheme Limited (USSL) and U.S. bank Goldman Sachs to acquire joint control of Spanish energy company Redexis Gas (notified June 20/deadline July 26/simplified)

-- German conglomerate Harng Central Department Store Ltd and prOperty developer Signa Prime to acquire joint control of German property developer Berlin, Passauer Straße 1-3 Immobilien GmbH & Co. KG (notified June 20/deadline July 26/simplified)

-- KPS Capital Partners to acquire U.S. car parts maker DexKo Global (notified June 16/deadline July 24/simplified)

-- Australian global investment firm IFM and port builder and concessions operator OHL to acquire joint control of toll road and airport operator OHL Mexico (notified June 16/deadline July 24/simplified)

-- Megatrends which is a unit of investment fund European Cities Fund, and British real estate investment fund Intu Properties Plc to jointly acquire Spain's Xanadu Retail and Leisure (notified June 16/deadline July 24/simplified)

-- Private equity firm Blackstone Group to acquire Finnish real estate investment company Sponda (notified June 15/deadline July 20/simplified)

-- Lithuanian mobile network operator Bite Lietuva, Swedish mobile operator Tele2 and Sweden's Telia to set up a joint venture (notified June 15/deadline July 20)

-- UK property developer Segro plc and Public Sector Pension Investment Board (PSPIB) to jointly acquire a plot of land (notified June 13/deadline July 18/simplified)

-- French car distributors PGA Group and Groupe Bernard to set up a joint venture (notified June 12/deadline July 17/simplified)

EXTENSIONS AND OTHER CHANGES

None

FIRST-STAGE REVIEWS BY DEADLINE

JUNE 28

-- Japanese shippers Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha to merge their container units (notified May 19/deadline June 28)

JUNE 29

-- Austrian refractories materials maker RHI to acquire a controlling stake in Brazilian peer Magnesita Refratarios (notified May 5/deadline extended to June 29 from June 15 after RHI offered concessions)

JULY 5

-- French carmaker PSA Group to acquire General Motors's European arm Opel (notified May 30/deadline July 5)

-- French banks BNP Paribas, Caisse des Depots et Consignations, Societe Generale, stock exchange Euronext, Euroclear, S2IEM (Societe d'Investissements en Infrastructures Europeennes de Marches) and CACEIS Investor Services to set up a joint venture (notified May 30/deadline July 5/simplified)

-- French construction and concessions company Vinci and Swiss airport retailer Dufry LFP to jointly acquire Portuguese retail operator Lojas Francas de Portugal (notified May 30/deadline July 5)

JULY 6

-- Investment bank Goldman Sachs to acquire Dutch chemical products distributor Caldic (notified May 31/deadline July 6/simplified)

JULY 7

-- Finnish industrial engine maker Wartsila and China State Shipbuilding Corp (CSSC) to set up a joint venture (notified June 1/deadline July 7/simplified)

-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline July 7)

-- Private equity firm Apax Partners to acquire cleaning products maker Safetykleen from Warburg Pincus (notified June 1/deadline July 7/simplified)

JULY 10

-- Robert Tonnies and Clements Tonnies to acquire joint control of processed meat company Zur Muehlen Group (notified June 2/deadline July 10/simplified)

-- Japan's Hitachi Group and Japanese carmaker Honda to set up a joint venture (notified June 2/deadline July 10/simplified)

-- Private equity firms Bain Capital Investors and Cinven Capital Management to acquire joint control of German generics drugmaker Stada Arzneimittel AG (notified June 2/deadline July 10/simplified)

JULY 11

-- Spanish bank Santander to acquire control of asset management company SAM Investment Holdings Ltd (notified June 6/deadline July 11/simplified)

-- French power company EDF to acquire British engineering company Imtech (notified June 6/deadline July 11/simplified)

-- French bank BNP Paribas to acquire sole control of German credit provider Commerz Finanz, which is a joint venture between BNP and German lender Commerzbank (notified June 6/deadline July 11/simplified)

-- Canada Pension Plan Investment Board (CPPIB) to acquire a minority stake and joint control of British school operator Nord Anglia Education which is now solely controlled by private equity firm BPEA (notified June 6/deadline July 11/simplified)

-- Swiss engineering group ABB to acquire Austrian maker of production control systems Bernecker & Rainer (B&R) (notified June 6/deadline July 11/simplified)

JULY 12

-- Dutch insurer NN Group to acquire the Munich-based Holiday Inn hotel (notified June 7/deadline July 12/simplified)

-- German investment firm Genui GmbH and private equity firm Summit Partners to acquire negative control of Germany's Market Logic Software (notified June 7/deadline July 12/simplified)

-- U.S. chemicals company DuPont to acquire U.S. pesticide maker FMC's health and nutrition business (notified June 7/deadline July 12)

JULY 13

-- Austrian rail maintenance services company OBB Technische Services-GmbH (OBB) to acquire 60 percent of Austrian peer Stadler Linz from Switzerland's Stadler Rail (notified June 8/deadline July 13/simplified)

-- U.S. pesticide maker FMC to acquire U.S. chemicals company DuPont's crop protection business (notified June 8/deadline July 13)

JULY 14

-- U.S. engine maker Cummins and U.S. industrial conglomerate Eaton Corp to set up a joint venture for automated transmissions for heavy and medium duty commercial vehicles (notified June 9/deadline July 14/simplified)

JULY 17

-- Japanese conglomerate Itochu, Japaneseprinting company Toppan Printing tpnand Thailand's Thung Hua Sinn to jointly acquire plastic bag packaging company TPN Food Packaging (notified June 12/deadline July 17/simplified)

-- Canada Pension Plan Investment Board (CPPIB) and British Telecom Pension Scheme to jointly acquire Milton Park business park (notified June 12/deadline July 17/simplified)

-- U.S. travel search site The Priceline Group to acquire U.S. peer Momondo Group (notified June 12/deadline July 17)

-- U.S. private equity firm Lone Star to acquire Portuguese bank Novo Banco (notified June 12/deadline July 17/simplified)

JULY 18

-- Fund management companies Deutsche Alternative Asset Management (Global) Ltd, InfraVia and Finanziaria Internazionale Holding S.p.A (FIH) to jointly acquire FIH subsidiary Agora Investimenti S.p.A which has airport management activities (notified June 13/deadline July 18)

JULY 19

-- French utility group Suez SA to acquire U.S. conglomerate General Electric's water and process technologies business (notified June 14/deadline July 19)

-- Dutch state owned gas operator Gasunie, Dutch storage tank operator Vopak and German gas and chemicals storage company Oiltanking which is controlled by German joint stock company Marquard & Bahls AG to set up a joint venture (notified June 14/deadline July 19/simplified)

OCT 17

-- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline extended to Oct. 17 from June 9 after the European Commission opened an in-depth investigation)

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. (Reporting by Foo Yun Chee)

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Jul 28th, 2020 BUSINESS

AMC Theatres, Universal reach deal to bring new movies to homes earlier

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