EU mergers and takeovers (Feb 23)
BRUSSELS, Feb 23 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:
APPROVALS AND WITHDRAWALS
-- U.S. car parts supplier Key Safety Systems, which is a unit of China's Ningbo Joyson Electronic Corp, to acquire Japanese car parts maker Takata Corp (approved Feb. 21)
-- Private equity (IOB: 0QLS.IL - news) firm TA Associates to aquire a minority stake in software company Flexera Holdings (approved Feb. 20)
-- Spanish energy company Repsol (Amsterdam: RP6.AS - news) and South Korean carmaker KIA Motors (KSE: 000270.KS - news) to set up a car-sharing joint venture (approved Feb. 19)
-- Insurer ReAssure, which is part of Swiss Re (LSE: 0QL6.L - news) , to acquire UK insurer Legal & General Group's Actaeon insurance business (approved Feb. 19)
-- Chinese car parts maker Hasco (Shanghai: 600741.SS - news) and Canadian peer Magna to set up a joint venture (approved Feb. 16)
NEW LISTINGS
-- 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 (IOB: 0QOQ.IL - news) to set up a joint venture (notified Feb. 21/deadline March 28/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)
-- 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)
EXTENSIONS AND OTHER CHANGES
-- German industrial gases group Linde (IOB: 0H3X.IL - news) to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to July 18 from July 4)
-- Luxembourg-based steelmaker ArcelorMittal (LSE: 0NSF.L - news) to acquire Italian steel plant (notified Sept. 21/deadline extended to April 19 from April 4)
FIRST (Other OTC: FSTC - news) -STAGE REVIEWS BY DEADLINE
MARCH 5
-- French private equity firm Pai Partners to acquire French packaging group Albea (notified Jan. 29/deadline March 5/simplified)
MARCH 6
-- Australian chemicals maker Nufarm (Dusseldorf: NUF.DU - news) to acquire European crop protection product portfolio from Adama Agricultural Solutions Ltd and Syngenta (notified Jan. 30/deadline March 6)
MARCH 8
-- Michelin North America and Sumitomo Corp of America to start a joint venture (notified Feb. 1/deadline March 8/simplified)
MARCH 9
-- Chemicals company Quaker Chemical Corp and Hinduja Group's Houghton Internatioal to merge (notified Feb. 2/deadline March 9)
-- Singapore Airlines and Canadian training centre operator CAE International Holdings Ltd to set up a joint venture (notified Feb. 2/deadline March 9/simplified)
-- 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 (notified Feb. 2/deadline March 9/simplified)
MARCH 12
-- France's Oney Bank S.A. which is part of Auchan Holding S.A., and web platform 4Finance to set up a joint venture (notified Feb. 5/deadline March 12/simplified)
MARCH 14
-- Private equity firm Lone Star to acquire Nordic building materials distributor Stark from British company Ferguson (notified Feb. 7/deadline March 14)
MARCH 15
-- Canada's Brookfield Business Partners to acquire a controlling stake in plastic packaging maker Schoeller Allibert from an indirect subsidiary of JPMorgan Chase & Co (Xetra: 850628 - news) (notified Feb. 8/deadline March 15/simplified)
MARCH 16
-- 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 (Frankfurt: 27MA.F - news) to acquire British engineering company GKN (notified Feb. 9/deadline March 16/simplified)
-- U.S. packaging company Crown Holdings Inc (NYSE: CCK - news) to acquire U.S. peer Signode Industrial Group Holdings Ltd (notified Feb. 9/deadline March 16/simplified)
-- Canada's Brookfield Business Partners to acquire U.S. nuclear plant maker Westinghouse Electric Co LLC from Japan's Toshiba Corp (Swiss: TOSH.SW - news) (notified Feb. 9/deadline March 16/simplified)
MARCH 19
-- 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)
-- Canadian pension fund Caisse de Depot Et Placement du Quebec to acquire joint control of Hyperion Insurance Group (notified Feb. 12/deadline March 19/simplified)
MARCH 20
-- Apollo Capital Management to take full control of German apparel maker CBR Fashion Holding (notified Jan. 13/ deadline March 20/ simplified)
MARCH 21
-- Goldman Sachs (NYSE: GS-PB - news) and Centerbridge Partners to acquire joint control of Polish real estate developer Robyg (notified Jan. 14/ deadline March 21/ simplified)
-- Swiss Life (IOB: 0QMG.IL - news) and CNP Assurances (LSE: 0IUQ.L - news) 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)
MARCH 22
-- Italian eyewear maker Luxottica (Milan: LUX.MI - news) and French lens manufacturer Essilor to merge (notified Aug. 22/deadline extended to March 22 from March 8)
APRIL 5
-- German industrial group Bayer (IOB: 0P6S.IL - news) to acquire U.S. seeds company Monsanto (Hamburg: 1132157.HM - news) (notified June 30/deadline extended to April 5 from March 12 after Bayer offered concessions)
-- U.S. specialty material company Celanese and private equity firm Blackstone (NYSE: BX - news) to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to April 5 from March 26)
MAY 30
-- 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 May 30 from mAY 15)
JULY 4
-- German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline extended to July 4 from Feb. 16 after Commission started 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)