Brussels, 26/08/2011 (Agence Europe) - During the month of August, the European Commission approved a number of proposed acquisitions of companies.
Rhodia/Solvay. On 8 August, it cleared the proposed acquisition of the French company Rhodia by the Belgium-based group Solvay, both of which operate in the chemicals sector. The Commission concluded that the proposed transaction would not raise competition concerns because a sufficient number of competitors will remain active on all markets concerned.
Demag/Terex Corporation. On 8 August, the Commission also approved the proposed acquisition of German manufacturer Demag Cranes AG by the US-based industrial group Terex Corporation. The Commission examined the transaction's impact on the supply of mobile harbour cranes which is the only business area where the parties' activities overlap. It concluded that the transaction would not raise competition concerns because the companies' activities are largely complementary and the transaction would consequently not significantly modify the structure of the market.
Lutava/Aurubis. Still on 8 August, the Commission gave the go-ahead to the proposed acquisition of the rolled copper products division (LRP) of the Finnish Luvata Espoo Oy by German copper manufacturer Aurubis AG. The Commission found that the merged entity will continue to be constrained by a number of credible competitors in the markets concerned. The Commission examined the transaction's impact on the supply of copper shapes, pre-rolled-strip and rolled copper products, as well as oxygen-free (OF-Cu) copper products.
The Commission also approved a number of proposed acquisitions under the simplified procedure:
KKR/Sorgenia/Sorgenia France. On 9 August, the Commission approved the proposed concentration by which investment funds affiliated with KKR & Co L.P. (KKR, United States) and Sorgenia SpA (Italy), which is part of the group of companies controlled by Cofide, seek to acquire indirect joint control of Sorgenia France SA (Sorgenia France), currently solely controlled by Sorgenia. KKR provides alternative asset management services and capital market solutions; Sorgenia generates and sells (wholesale and retail) gas and electricity, essentially in Italy; Sorgenia France generates electricity in France from renewable sources.
Schneider Electric/Telvent. On 10 August, the Commission cleared the proposed concentration by which Schneider Electric SA (France) will acquire control of the whole of Telvent GIT SA (Spain) by way of public bid. Schneider Electric is the holding company of an international group of companies that designs, manufactures and sells products and systems in energy management. Telvent provides IT global services and high value added integrated automation solutions, mainly to the energy, transport, agriculture and environment sectors.
RREEF/SMAG/OHL - Arenales. On 11 August, the Commission approved the proposed concentration by which RREEF Pan-European Infrastructure Fund II, LP, ultimately controlled by Deutsche Bank AG (Germany) seeks joint control of Arenales Solar PS, S.L. (Spain) by way of purchase of shares. Arenales is currently jointly controlled by Solar Millennium AG (SMAG, Germany) and OHL Industrial, S.L., part of the Villar Mir group (OHL/Villar, Spain). The business activities of the companies concerned are: - RREEF/Deutsche Bank: financial services; - Arenales: building and operating a thermo-solar power plant in Morón de la Frontera, Seville, Spain; - OHL/Villar: activities related to fertiliser, ferro-alloys, real estate, energy and the construction of industrial projects; - SMAG: the promotion, construction and operation of thermo-solar power plants.
Carlyle/Gores Broadband. On that same day, 11 August, the Commission also gave the go-ahead to the proposed concentration by which the Carlyle Group (United States) is looking to acquire sole control of Gores Broadband SA (France) by way of purchase of shares. Carlyle is a global alternative asset manager focusing on aerospace and defence, financial services, infrastructure, telecoms and media, consumer and retail, healthcare, real estate transport, energy and power, industry and technology, and business services. Gores Broadband is the French holding company of Sagemcom SAS, which specialises in broadband terminals and energy solutions, produces printing and imaging technologies, residential terminals and set-top boxes, and products and solutions in the field of energy and telecoms.
Bain capital/Hellman &Friedman/Securitas Direct. Still on 11 August, the Commission approved the proposed concentration which would see Bain Capital Investors, LLC (Bain Capital Investors) and Hellman & Friedman Corporate investors VII, Ltd or its affiliates (together with its affiliated and parallel funds and fund entities, HFCP VII) acquire joint control of the whole of Securitas Direct AB and ESML SD Iberia Holding, S.L.U. and their subsidiaries (Securitas Direct) by way of purchase of shares. Bain Capital Investors is a private equity investment firm; HFCP VII is a private equity fund; and Securitas Direct is a provider of security services.
3i Group/Action Holding. On 12 August, the Commission cleared the proposed concentration by which the 3i Group plc (United Kingdom) seeks to acquire control of the whole of Action Holding B.V. (Netherlands). 3i is a private equity and alternative management company, holding investments in various sectors. It focuses on private equity, debt management and infrastructure investments, and is active mostly in Europe, Asia and the Americas. Action Holding is active in the retail market for non-food and, to a limited extent, food products through retail stores in the Netherlands, Belgium and Germany.
Bain Capital/Oaktree/International Market Centers JV. The Commission gave the green light on 16 August to the proposed concentration by which Bain Capital Investors (United States) and OCM IMC Holdings, L.P., ultimately controlled by Oaktree Capital Group, LLC (United States) would acquire joint control of International Market Centres, L.P. (IMC, United States). The business activities of the companies concerned are: - Bain Capital Investors: private equity firm; - Oaktree: alternative and non-traditional investment fund; - IMC: owner and operator of real estate (showroom and exhibition space) in the United States.
CVC/Ande/Delachaux. On 18 August, the Commission cleared the proposed concentration by which CVC Capital Partners SICAV-FIS SA (Luxembourg) and Ande Investissements SA (Luxembourg) propose to acquire joint control of Delachaux SA (France) by way of purchase of share. CVC Capital Partners SICAV-FIS and Ande Investissements SA are active in the financial sector. Currently, Ande mainly holds and manages the André Delachaux family's shareholdings in the Delachaux group. Delachaux SA manufactures and produces rail fastening and welding systems, electric power and data transmission systems, magnetics, cabling and chrome metal.
AIF VII Euro Holdings/Ascometal. The Commission also gave its approval on 18 August to the proposed concentration by which AIF VII Euro Holdings, L.P., an investment fund managed by Apollo Management VII L.P., which is an affiliate of Apollo Management L.P. (collectively Apollo, United States) seeks to acquire control of the whole of Ascometal SA (France) from Sideris Steel S.A.S., an indirect subsidiary of Lucchini SpA, itself part of OAO Severstal, by way of purchase of shares. The business activities of the companies concerned are: - Apollo: investment in companies involved in various businesses throughout the world, such as chemical, cruise line, logistics, paper, packaging and real estate brokerage businesses; - Ascometal: manufacture of special long steel products (semi-finished products, hot-rolled products and cold finished products) in ally and non-alloy grades.
Antin Infrastructure Partners FCPR/RREEF Pan European Infrastructure Fund LP/Andasol-1 Central Thermosoar Uno, SA and Andasol-2 Central Thermosolar, Dos SA. On 19 August, the Commission approved the proposed concentration by which Antin Infrastructure Partners FCPR (France) and RREEF Pan European Infrastructure Fund LP (United Kingdom) are seeking to acquire joint control of the two existing companies Andasol-1 Central Thermosolar Uno, SA and Andasol-2 Central Thermosolar Dos, SA (together referred to as Andasol-1&2, Spain) by way of purchase of shares. Antin is an investment fund active in European infrastructure. RREEF is an investment fund active, inter alia, in European infrastructure. Andasol-1&2 generate electricity in Spain using solar thermal technology. (O.L./transl.rt)