M&A

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

  • The US Federal Trade Commission has ordered US-based manufacturer of fiberglass and related products Owens Corning to sell some of its North American operations to win regulatory approval for its US$640m acquisition of parts of French building-materials company Cie. de Saint-Gobain SA (WSJE, October 29, 2007, p. 6) 
  • On October 26, 2007, UK-based financial services company Pearl Assurance offered US$10.5bn to acquire UK-based life insurer Resolution PLC (WSJE, October 29, 2007, p. 8) 
  • Irish-based mining company Celtic Resources Holdings PLC has announced that it has rejected a US$331m offer from Russian steel producer OAO Severstal stating that it undervalues the company (WSJE, October 29, 2007, p. 9) 
  • Ukrainian-based sunflower seed crusher Kernel Group expects to raise up to US$200m through an initial public offering on the Warsaw Stock Exchange in the beginning of November 2007 (FT, October 29, 2007, p. 21) 
  • The following concentrations have been notified to the European Commission: 
    • Goldman Sachs/LOMO — Candidate case for simplified procedure (operation of petrol stations and motorways service areas) (OJ C 255, 27 October 2007, p. 45) 
    • SAP/Business Objects (business analytics software solutions, training and related services) (OJ C 255, 27 October 2007, p. 46) 
    • SCB/Süd-Chemie — Candidate case for simplified procedure (specialty chemicals) (OJ C 255, 27 October 2007, p. 47) 
  • The following concentrations have been cleared by the European Commission: 
    • Barclays Industrial Investments/Gemeaz/Scapa (contract catering services in Italy, food distribution to caterers) (OJ C 255, 27 October 2007, p. 31) 
    • Ineos/Nova/JV (styrene and engineering thermoplastic resins business) (OJ C 255, 27 October 2007, p. 31) 
    • CVC/Univar (distribution of industrial chemicals and provision of related services) (OJ C 255, 27 October 2007, p. 32) 
    • Advent International/Takko Holding (distribution and sale of fashion apparel and related accessories in the low-price segment) (OJ C 255, 27 October 2007, p. 32)

State Aid

  • Commission Regulation (EC) No 1267/2007 of 26 October 2007 on special conditions for the granting of private storage aid for pig meat (OJ L 283, 27 October 2007, p. 53) 
  • Authorization for State aid pursuant to Articles 87 and 88 of the EC Treaty — Cases where the Commission raises no objections (OJ C 255, 27 October 2007, p. 22; 24) 
    • Spain – Research and development; Agriculture 
    • Italy – Agriculture 
    • Ireland –Agriculture, hunting and related services activities

Other 

  • Proposal for a Commission Regulation (EC) No …/… of […] amending Regulation (EC) No 773/2004, as regards the conduct of settlement procedures in cartel cases (OJ C 255, 27 October 2007, p. 48) 
  • Draft Commission Notice of […] on the conduct of settlement proceedings in view of the adoption of Decisions pursuant to Article 7 and Article 23 of Council Regulation (EC) No 1/2003 in cartel cases (OJ C 255, 27 October 2007, p. 51) 
  • On October 25, 2007, the Court of First Instance ruled that after expiration of the European Coal and Steel Community Treaty, the European Commission is no longer authorized to adopt decisions based exclusively on a provision from this Treaty. The European Commission had imposed fines on eleven Italian companies for restrictive practices (price fixing and control restrictions) and had based its decisions on provisions of the ECSC Treaty which had expired at the time of adoption of the decision by the European Commission. The Court emphasized that the provision constituting the legal basis of an act must be in force at the moment the act is adopted (Europolitics, October 29, 2007, p. 5) 
  • Commission Decision of 20 September 2006 relating to a proceeding under Article 81 of the Treaty establishing the European Community and Article 53 of the EEA Agreement (price agreements in the fittings industry) (OJ L 283, 27 October 2007, p. 63) 
  • On November,1, 2007, the Markets in Financial Services Directive (MiFID) will enter into force. The MiFID will increase competition among exchanges, multilateral trading facilities (MTFs) and investment firms, giving them a "single passport" to operate throughout the EU on the basis of authorization in their home Member State (RAPID, October 29, 2007; FT, October 29, 2007, p. 1, 21; WSJE, October 29, 2007, p. 1)