M&A

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

  • On October 30, 2007, German reinsurance company Munich Re acquired a 26% stake in a unit of Indian housing finance company HDFC. This is the German company’s second Indian insurance venture in three months (FT, October 31, 2007, p. 20; WSJE, October 31, 2007, p. 7) 
  • On October 30, 2007, UK retailer Sports Direct increased its stake in UK football brand Umbro to 29.9% (FT, October 31, 2007, p. 21) 
  • French maker of seamless steel tubes for the oil and gas industry Vallourec SA is acquiring three businesses, Atlas Bradford-Premium Threading & Services, TCA and Tubes-Alloy, from US-based drill pipes supplier Prideco Inc. for US$800m (WSJE, October 31, 2007, p. 4) 
  • French luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton is understood to be near a deal to sell its Omas Italian pen business to Chinese watch distributor Xinyu Hengdeli Holdings Ltd. (WSJE, October 31, 2007, p. 6) 
  • Portuguese bank Millennium BCP SA reportedly rejected a takeover offer from rival Banco BPI SGPS valuing the company at €12.1bn (WSJE, October 31, 2007, p. 7) 
  • The following concentration has been notified to the European Commission: 
    • Infineon/Siemens/JV (development, production and distribution of bipolar high power semiconductors (high power rectifiers/diodes, high power thyristors)) (OJ C 258, 31 October 2007, p. 11) 
  • The following concentrations have been cleared by the European Commission:
    • Arcapita/HT Troplast (vinyl profiles for windows and doors, vinyl sheets and vinyl shutters) (OJ C 258, 31 October 2007, p. 1) 
    • Danone/Numico (production, marketing and sale of baby food and clinical nutrition) (RAPID, October 31, 2007) 
    • Carlyle/Applus (vehicle inspections in Spain, engineering testing and certification, non-destructive testing and inspection, technical assistance and consultancy) (RAPID, October 31, 2007) 
    • MOL/Italiana Energia e Servizi (refining of crude oil and subsequent sales of each derivative oil products; automotive retail sales of fuels; sale of bitumen, and provision of catering services along common roads) (RAPID, October 31, 2007) 
    • Oaktree/Conbipel (fashion apparel retail) (RAPID, October 31, 2007) 
    • Euraleo/Capitoloquattro/Sirti (provision of telecommunications networks and systems) (RAPID, October 31, 2007) 
    • Mondadori/Sanoma/JV (publication and distribution of magazine in Russia) (RAPID, October 31, 2007)

Other

  • On October 30, 2007, Spain started proceedings for the annulment of the European Commission’s decision to impose a fine of €151.875m on the Spanish telecommunications company Telefonica. This fine was the highest ever imposed in a case of abuse of dominant position after the Microsoft case (Europolitics, October 31, 2007, p. 5)