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EU mergers and takeovers (March 5)

Wed, 05th Mar 2014 18:40

BRUSSELS, March 5 (Reuters) - The following are mergersunder review by the European Commission and a brief guide to theEU merger process:

APPROVALS AND WITHDRAWALS

-- French insurer Predica, which is a subsidiary of Frenchbank Credit Agricole, and Aviva France toacquire joint control of a French property developer (approvedMarch 4)

-- U.S. card payment services company WEX andBritish peer Radius to acquire joint control of ExxonMobil's European fuel card buisness (approved March 4)

-- Spanish builder Sacyr and Lloyds Bank unit LBEIP to acquire joint control of hospital operator HC(approved March 4)

NEW LISTINGS

-- U.S. media company Discovery Communications toacquire a controlling interest in European sports broadcasterEurosport International from French media group TF1 (notified March 4/deadline April 8)

-- U.S. investment firm The Gores Group to acquire Britishgrocer Premier Foods' Hovis unit (notified March3/deadline April 7/simplified)

EXTENSIONS AND OTHER CHANGES

-- Hutchison 3G UK to acquire Telefonica Ireland,a unit of Spanish telecoms provider Telefonica (notified Oct. 1/deadline extended for the second time to May 19from April 24 after Hutchison offered concessions)

-- U.S. chemical maker Huntsman Corp to acquire U.S.peer Rockwood Holdings's titanium dioxide pigmentsbusiness (notified Jan. 29/deadline extended to July 22 fromMarch 5 after the European Commission opened an in-depth probe)

FIRST-STAGE REVIEWS BY DEADLINE

MARCH 14

-- U.S. food packager Crown Holdings to buy Spanishfood-can maker Mivisa Envases from investment funds theBlackstone Group, N+1 Mercapital and management (notifiedJan. 24/deadline extended to March 14 from Feb. 28 after CrownHoldings offered concessions)

-- Asset management company Brookfield andJapanese shipper Mitsui O.S.K. Lines to acquire jointcontrol of U.S. port operator International Transportation Inc,which is now solely controlled by Mitsui (notified Feb.7/deadline March 14/simplified)

MARCH 17

-- Ireland's Kendrick Investments Ltd to take sole controlof Irish oil company Topaz Energy Group and Irish investmentfund Resource Property Investment Fund Plc (notified Feb.10/deadline March 17/simplified)

MARCH 18

-- British pension fund Universities Superannuation SchemeLimited (USS) to acquire 49.9 percent of British air trafficcontroller The Airline Group Ltd whose shareholders are BritishAirways, Easyjet and Monarch Airlines (notified Feb. 11/deadliine March 18)

MARCH 25

-- U.S. agriculture machinery maker Agco Corp andGAZ, which is a unit of Rusian car maker Basic Element, to setup a joint venture (notified Feb. 18/deadline March25/simplified)

MARCH 26

-- South Korean holding company Lotte to acquire jointcontrol of coffee maker Nestle Korea from Switzerland's Nestle (notified Feb. 19/deadline March 26/simplified)

MARCH 27

-- Switzerland-based INEOS and Belgian chemicals companySolvay to form a joint venture (notified Sept.16/deadline extended for the third time to April 23 from March21/additional concessions offered on Feb. 27)

-- French utility GDF Suez, Omnes Capital andPredica Prevoyance Dialogue du Credit Agricole to acquire jointcontrol of Futures Energies Investissements Holdings which isnow solely controlled by GDF Suez (notified Feb. 20/deadlineMarch 27/simplified)

-- Infrastructure operator Global Via Infraestructuras,which is 50 percent owned by Spanish bank Bankia, and LBEIP,which is a subsidiary of British lender Lloyds Bank toacquire joint control of Spanish hospital operator OHL Phunciona(notified Feb. 20/deadline March 27/simplified)

MARCH 31

-- Swiss cement maker Holcim to buy some ofMexican peer Cemex's assets in Europe . (notified Sept. 3/deadline extended for the second time to May 2from March 31)

APRIL 4

-- Mexican cement producer Cemex to acquireSwiss peer Holcim's Spanish cement business (notifiedFeb. 28/deadline April 4)

MAY 14

-- Spanish telecoms provider Telefonica to buyDutch peer KPN's German unit (notified Oct.31/Commission opened in-depth probe on Dec. 20, new deadline May14)

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 workingdays to 35 working days, to consider either a company's proposedremedies 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 theclearance of uncontroversial first-stage mergers without givingany reason for its decision. Cases may be reclassified asnon-simplified -- that is, ordinary first-stage reviews -- untilthey are approved.

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