EU mergers and takeovers (July 22) (click here)
BRUSSELS, July 22 (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. diversified manufacturer Crane Co to buy U.S. manufacturer of electronic bill acceptors and transaction mechanisms MEI Conlux from private equity firms Bain Capital and Advantage Partners (approved July 19)
-- German insurer Allianz and Canadian investor Borealis to buy Czech gas pipeline operator Net4Gas from Germany's RWE AG (approved July 17)
-- Private equity firm The Carlyle Group LP to buy packaging products supplier Chesapeake Holdings S.A.R.L. (notified July 16/deadline Aug. 21/simplified)
-- Spanish telecoms provider Telefonica, Spanish lender Caixabank and Spain's Banco Santander to set up an advertising services joint venture (notified July 11/deadline Aug. 16)...
...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.
