Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisition of HRA Pharma by Astorg Asset Management and Goldman Sachs, (Jan 22, 2016)
Organizations Mentioned:Astorg Asset Management | Engie S.A. | Goldman Sachs | Goldman Sachs Group, Inc. | HRA Pharma | Mitsubishi Heavy Industries, Ltd. | Red Eléctrica Corporació | The Goldman Sachs Group, Inc. | Transmisora Eléctrica del Norte S.A. | UniCarriers Holdings Corporation | n S.A.
By Linda O’Brien, J.D., LL.M.
The European Commission (EC) has approved under the European Union (EU) merger regulation the acquisition of HRA Pharma of France by Astorg Asset Management and Goldman Sachs, both of the United States, the EC announced today.
HRA Pharma develops and sells pharmaceutical products and devices in women health and endocrinology sectors. Astorg Asset Management is a private equity investment firm and Goldman Sachs is a global investment banking, securities, and investment management firm.
The Commission concluded that the transaction would raise no competition concerns, given that there are no overlaps between the activities of HRA Pharma and the activities of portfolio companies controlled by Astorg and Goldman Sachs.
UniCarriers-Mitsubishi merger. The EC also has cleared under the EU merger regulation the acquisition of UniCarriers Holdings Corporation (UCHC) by Mitsubishi Heavy Industries, Ltd. (MHI), both of Japan. MHI is a multinational engineering, electrical equipment, and electronics company active in the production and sale of forklifts and warehouse equipment in the European Economic Area (EEA). UCHC is a holding company active in the development, manufacture, and marketing of forklifts, containers carriers, transfer cranes, and forklift engines. The Commission concluded that the proposed acquisition raises no competition concerns as the companies' market shares are very low in the markets where their activities overlap.
TEN acquisition. The acquisition of Transmisora Eléctrica del Norte S.A. (TEN) of Chile by Engie S.A. of France and Red Eléctrica Corporación S.A. (REC) of Spain has approved by the EC under the EU merger regulation. Engie is a global energy company active in the areas of electricity, natural gas, and energy services. REC operates the national electricity grid and power transmission system in Spain and is also active in some countries in South America. TEN has currently no activity in the market but will develop and operate an electricity transmission line in Chile. The companies' activities do not overlap. The Commission therefore concluded that the proposed acquisition would raise no competition concerns.
The above transactions were examined under the simplified merger review procedure.
Companies: HRA Pharma; Astorg Asset Management; The Goldman Sachs Group, Inc.; UniCarriers Holdings Corporation; Mitsubishi Heavy Industries, Ltd.; Transmisora Eléctrica del Norte S.A.; Engie S.A.; Red Eléctrica Corporación S.A.
News: AcquisitionsMergers Antitrust