M&A

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

  • Russian steel maker OAO Severstal has concluded a deal to buy UK mining company Celtic Resources Holding PLC for US$361.8m (WSJE, November 12, 2007, p. 9) 
  • Swiss-based distribution-and-logistics company Kuehne & Nagel International AG has bought two of its German competitors G.L. Kayser Spediteur and Cordes & Simon for an undisclosed amount (WSJE, November 12, 2007, p. 4) 
  • German bank Commerzbank AG has acquired the remaining 49% stake in German real-estate-finance company Hypothekenbank in Essen AG in a deal understood to be worth about €400m (WSJE, November 12, 2007, p. 4) 
  • On November 11, 2007, UK financial services company Standard Life decided not to continue with its bid to buy UK life funds company Resolution Life. The decision leaves rival bidder, UK entrepreneur Hugh Osmond “on the verge of victory” (FT, November 12, 2007, p. 17; WSJE, November 12, 2007, p. 20) 
  • Australian mining group BHP Billiton is expected to court the approval of UK rival Rio Tinto’s shareholders for its US$140bn takeover bid, despite a rejection from the company’s board of directors (FT, November 12, 2007, p. 20) 
  • German public-sector bank Norddeutsche Landesbank has unveiled a €485m offer for German mortgage bank Deutsche Hypothekenbank (WSJE, November 12, 2007, p. 9) 
  • The following concentrations have been notified to the European Commission: 
    • PPG/SigmaKalon (production and distribution in Europe and other selected international markets of decorative, industrial, and protective and marine coatings) (OJ C 268, 10 November 2007, p. 20) 
    • Groupe Norbert Dentressangle/Christian Salvesen — Candidate case for simplified procedure (logistics services for manufacturing and retail customers in the industrial, consumer and food sectors) (OJ C 268, 10 November 2007, p. 21) 
  • The following concentrations have been cleared by the European Commission: 
    • Bayerische Landesbank/Hypo Alpe-Adria-Bank International (retail banking, corporate banking and leasing) (OJ C 268, 10 November 2007, p. 1) 
    • Mondadori/Sanoma/JV (publication and distribution of magazines in Russia) (OJ C 268, 10 November 2007, p. 1) 
    • Euraleo/Capitoloquattro/Sirti (provision of telecommunications networks and systems) (OJ C 268, 10 November 2007, p. 2) 
    • AIG/ORCO/Hospitality Invest (investment in real estate and in hospitality) (OJ C 268, 10 November 2007, p. 2) 
    • Arques/Actebis (wholesale of information technology products) (OJ C 268, 10 November 2007, p. 3) 
    • Oaktree/Conbipel (fashion apparel retail) (OJ C 268, 10 November 2007, p. 3) 
    • Kraft/Danone Biscuits (manufacture and sales of biscuits, snacks and cereals); subject to conditions (RAPID, November 12, 2007)

State Aid 

  • Council Decision of 22 October 2007 on the granting of emergency State aid by the authorities of Romania to mitigate the consequences of drought in 2006/2007 in the agricultural sector (OJ L 293 10 November 2007, p. 5)