M&A

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

  • On November 12, 2007, the management of Dutch electrical equipment distributor Hagemayer recommended to shareholders the €3.13bn offer from its French rival Rexel (FT, November 13, 2007, p. 23) 
  • French utility group Suez has acquired a 50% stake in French wind generator Companies du Vent (CdV) in a deal that values the generator at €750m (FT, November 13, 2007, p. 19)
  • Sweden’s Financial Supervisory Authority has given Gulf-based financial company Borse Dubai approval to acquire Swedish-Finnish stock market operator OMX in a joint US$4.9bn bid with US stock exchange Nasdaq (FT, November 13, 2007, p. 20)
  • Spanish insurance company Mutua Madrilena has signed a futures contract to sell its 1.17% financial stake in Spanish bank Banco Santander SA for €1.1bn (WSJE, November 13, 2007, p. 4) 
  • On November 12, 2007, Australian mining company BHP Billiton pledged to buy back €21bn of shares if it succeeds in taking over rival UK mining group Rio Tinto (FT, November 13, 2007, p. 17; WSJE, November 13, 2007, p. 1, 21) 
  • Ukrainian steel holding Metinvest has announced that one of its subsidiaries has signed agreements to buy Italian and UK steel plate rolling plants Trametal and Spartan UK from the Italian Malacalza Group for an undisclosed amount. The agreement is thought to be worth more than €500m (FT, November 13, 2007, p. 20) 
  • US provider of computer products and services IBM has announced that it will buy Canadian software developer Cognos for US$5bn (WSJE, November 13, 2007, p. 6) 
  • The following concentration has been notified to the European Commission:
    • Aviva/Banco Popolare/JV — Candidate case for simplified procedure (insurance) (OJ C 270, 13 November 2007, p. 14) 
  • The following concentrations have been cleared by the European Commission: 
    • RBS/ABN AMRO assets (financial intermediation) (OJ C 270, 13 November 2007, p. 9) 
    • OSRAM/Sunny World (development and production of integrated Compact Fluorescent Lamps (CFLi) and Incandescent General Purpose Lamps (GLS)) (RAPID, November 13, 2007)

State Aid 

  •  Irish low-cost carrier Ryanair has lodged a legal case in the EU Court of First Instance against the European Commission alleging that the European Commission failed to consider the company’s complaint over what it considered to be illegal state aid to the French carrier Air France-KLM (Europolitics, November 13, 2007, p. 5) 
  • Authorisation for State aid pursuant to Articles 87 and 88 of the EC Treaty — Cases where the Commission raises no objections (OJ C 270, 13 November 2007, p. 1, 5, 7) 
    • Poland – Manufacturing industry 
    • Germany – All sectors; Electrical and optical equipment 
    • France – All sectors