UK: PayPal-iZettle takeover in CMA crosshairs

UK: PayPal-iZettle takeover in CMA crosshairs

Britain’s competition watchdog announced on Wednesday, December 5, that PayPal’s US$2.2 billion takeover of Swedish financial technology startup iZettle would be referred for an in-depth review. The Competition and Markets Authority (CMA) stated PayPal had refused to offer proposals to address its concerns on how the deal—PayPal’s biggest ever—could hurt competition and could lead to […]

UK: Government does not intend to recommend CMA review of Comcast-Sky deal

UK: Government does not intend to recommend CMA review of Comcast-Sky deal

Britain’s government says it does not intend to refer US media conglomerate Comcast’s £22 billion (US$30.7 billion) takeover offer for London-based Sky to competition authorities, saying the proposed merger doesn’t raise concerns on public interest grounds. Culture Secretary Matt Hancock says he’s “reviewed the relevant evidence” and that he is “minded not to issue” an […]

UK: CMA approves Co-Op’s Nisa takeover

UK: CMA approves Co-Op’s Nisa takeover

The UK’s Competition and Markets Authority (CMA) has approved grocery retailer The Co-Op’s £137.5 million (US$191.7 million) takeover of retailer Nisa after finding that the merger does not give rise to competition concerns. The CMA declared that as The Co-op operates as a groceries retailer and Nisa operates as a groceries wholesaler they do not […]

Germany: Bayer to sell US$3.7b of new shares to Temasek

Germany: Bayer to sell US$3.7b of new shares to Temasek

Bayer said late Monday, April 16, that it would sell new shares to investment company Temasek for roughly €3 billion (US$3.7 billion); the proceeds of which Bayer will use to help finance its takeover of Monsanto. The German drugmaker stated that under the agreement, Bayer is to issue to a subsidiary of Temasek at an […]

UK: Tesco completes US$5.51b takeover of Booker

UK: Tesco completes US$5.51b takeover of Booker

Tesco, Britain’s biggest retailer, has completed the £4 billion (US$5.51 billion) takeover of Booker, the country’s largest wholesaler, the companies said on Monday, March 5. The cash and shares deal, originally worth £3.7 billion (US$4.6 billion at the time) when it was first announced in January 2017, was implemented through a court-sanctioned scheme of arrangement. […]

Australia: Court upholds appeal against Tabcorp’s $4.9b buyout of Tatts

Australia: Court upholds appeal against Tabcorp’s $4.9b buyout of Tatts

Tabcorp’s US$11 billion bid for rival gambling outfit Tatts has hit an unforeseen courtroom hurdle put in place by the takeovers handicapper, the Australian Competition and Consumer Commission (ACCC). Tabcorp had expected to be well into the home straight with the takeover before the start of Spring Carnival, but now finds itself back it the […]

EU: EC president calls for more scrutiny in foreign takeovers

EU: EC president calls for more scrutiny in foreign takeovers

European Commission president Jean-Claude Juncker today confirmed his plans for a new framework to “screen” foreign takeovers of EU companies. The commission is expected to set out more details on the foreign deal crackdown in Brussels tomorrow. Chinese takeover activity in particular has caused a stir in Europe, with China-to-EU mergers and acquisitions (M&A) reaching […]

US: New bidder for Oncor stymies Buffett, Paul Miller

US: New bidder for Oncor stymies Buffett, Paul Miller

A lawyer for Elliott Management Corp told a US bankruptcy judge on Friday that an unidentified utility could pay US$9.3 billion to buy Texas power transmission company Oncor Electric Delivery, topping Berkshire Hathaway’s US$9 billion bid. Such a bid would add to the competition that Warren Buffett, Berkshire’s chief executive, faces for Oncor. Elliott, a […]

Australia: Regulator delays OfficeMax takeover decision

Australia: Regulator delays OfficeMax takeover decision

The deal is subject to approval by the Australian Competition and Consumer Commission (ACCC). The body has pushed back the announcement of its ruling, according to Stationery News. The ACCC requested further information on July 5 with the intention of announcing its ruling by July 20. However, it now said it will reveal a revised […]