We closed our file on Sabadell/TSB (PDF on request) Sabadell announced they have received valid acceptances to their offer for TSB in excess of 90% and declare the offer fully unconditional. They further announce that a section 979 notice will go out to minorities. This means Sabadell is now legally bound to acquire the 10% not owned. The offer is still open to acceptances but TSB will stop trading /delist 28 July. We assume this is the date from which 979 notices are sent and Sabadell has 6 weeks to start the squeeze-out which should complete within 3 months. We close our file. We wrote on BG/Shell. Brazil approves. First pre condition cleared Australia next (PDF on request) The Brazilian antitrust authority CADE, has cleared the proposed acquisition of BG by Shell without restrictions. (See here) CADE approval is a pre-condition and is positive for the spread of the deal. In approving the deal without restrictions, Petrobras said that “the LNG market is global in scope, because the product is delivered by ship over long distances, and there are several countries that actively participate in this market… thus mitigates any possibility of market power exercise by the applicants as a result of this operation”. The comments are perhaps relevant in the context of the next catalyst. Australia ACCC review. The ACCC stopped taking comments today. The ACCC is expected to rule on the deal 3 September 2015. The review in Australia could look at the overlap of assets in Queensland. Shell holds a 50% interest in Arrow Energy, a joint venture with PetroChina (CNPC). BG has an interest in an LNG plant on Curtis Island (QCLNG Project) with China National Offshore Oil Corporation (CNOOC) and Tokyo Gas. The ACCC may look at complaints that there is a shortage of gas in Queensland and that allowing the deal could lead to higher prices for Australian gas users. The ACCC review may be significant also for China’s companies CNPC/CNOOC and therefore for Mofcom. The ACCC may be looking at preserving prices and supply into Australia while Mofcom may look at issues around exporting gas and maybe the stakes held by CNPC/CNOOC. We wrote on Anite. Earlier completion expected and Korea approval received. (PDF on request) Keysight released the scheme document this week. We learned that one of the key conditions to deal completion has been received.On July 1st, Keysight received notification from Korea Fair Trade Commission that the Acquisition does not violate Article 7, Paragraph 1 of the Monopoly Regulation and Fair Trade Law. For this reason perhaps, Keysight has brought forward the completion date by two months. Keysight expects completion by the end August 2015 (before they said October).The pending key condition now is voting approval at the General & Court Meeting that will take place 30 July 2015. 4 | P a g e Event-Driven Research Europe Alex Olvera [email protected]