M&A

The following has been reported in the newspapers referred to below: 

  • A consortium led by US private-equity firm JC Flowers & Company and including Spanish bank Banco Santander as well as reinsurer Swiss Re, is offering €1.2bn for a stake of up to 32.6% in Japanese bank Shinsei (FT, November 21, 2007, p. 17) 
  • On November 20, 2007, UK brewer Scottish & Newcastle unveiled plans to introduce an unspecified minority partner into its Russian joint venture BBH and sell most of its French distribution businesses (FT, November 21, 2007, p. 21, WSJE, November 21, 2007, p. 4) 
  • US private equity group Quadrangle Capital has reportedly joined forces with US investment bank, Goldman Sachs’ buy-out arm, to buy Norwegian cable television operator GET from UK private equity firm Candover for €745m (FT, November 21, 2007, p. 21) 
  • The following concentrations have been notified to the European Commission: 
    • Oak Hill/Forgings International — Candidate case for simplified procedure (forging, pressing, stamping and roll forming of metal; powder metallurgy) (OJ C 278, 21 November 2007, p. 10) 
    • Sun Capital Funds/Mark IV — Candidate case for simplified procedure (highly engineered systems and components for transportation infrastructure, vehicles, and equipment) (OJ C 278, 21 November 2007, p. 11) 
    • AT&T/IBM — Candidate case for simplified procedure (services and equipment, computer software and services) (OJ C 278, 21 November 2007, p. 12)

State Aid

  • Authorisation for State aid pursuant to Articles 87 and 88 of the EC Treaty — Cases where the Commission raises no objections (OJ C 278, 21 November 2007, p. 1) 
    • Poland – Manufacturing industry 
    • Italy – Manufacturing industry 
    • Germany – All sectors

Other

  • Spanish largest electricity group Iberdrola is reportedly pushing ahead with plans to spin off its renewable energy business into a separately listed company valued at between €22.4bn and €29.6bn, called Iberdrola Renovables (FT, November 21, 2007, p. 21)