The legal issues that relate to mergers and acquisitions (M&A) of businesses.

The Wall Street Journal's Law Blog is reporting that Judge Emmet Sullivan appears to be uncomfortable with the settlements reached by the U.S. Department of Justice in connection with two telecom mergers, SBC-AT&T and Verizon-MCI. According to the post, Federal Judge Questions Two Telecom Mega-Mergers, Judge Sullivan issued an order observing that the two mergers "appear to be against public interest given the apparent loss in competition." Whether he will believes that the proposed settlements adequately address that loss remains to be seen.

According to Reuters, the FTC has announced that National Grid Plc may close its acquisition of KeySpan Corp. The article appears here. Reuters also reports that Kimco Realty Corp., which buys, develops, and operates shopping centers, intends to acquire Pan Pacific Retail Properties Inc. for $2.9 billion.

Mittal Steel Co. will not acquire "the outstanding minority stakes of Arcelor's two Brazilian subsidiaries" when it takes over Arcelor, according to this AP story. Lastly, OnWafer® Technologies announced today it has acquired the Plasma Management Division from Advanced Energy Industries, Inc.

Euronext and NYSE--a done deal that will create "the first transatlantic stock exchange. Read more here.

The FTC has signed off on Merck's proposed $400 million acquisition of GlycoFi Inc. GlycoFi is a biotech company, focusing on yeast glycoengineering. Wonder what that is . . .

Those of you interested in EU deals should check out Reuters' EU mergers and takeovers (June 2). This is a great guide to mergers under review in the EU. Also included is "a brief guide to the EU merger process."

Whoever is bidding for Pfizer's consumer healthcare business, it's not Bayer. Reuters has more here.

It sure looks that way.  According to the AP's Euronext Holders Give Boost to NYSE Bid, "shareholders of European stock-exchange operator Euronext rejected a proposal Tuesday to commit in principle to a takeover by Deutsche Boerse Group, giving a boost to a rival bid from the New York Stock Exchange."

Euronext operates the Paris, Brussels, Amsterdam, and Lisbon stock exchanges.  NYSE bid 7.8 billion euros or $10.2 billion for Euronext; Deutsche Boerse Group, which operates a German stock exchange, bid approximately 8.2 billion euros or $11 billion.  Though smaller, Euronext shareholders might find NYSE's bid more attractive because it includes more cash and would require the combined entity to carry less debt.

Euronext's boards recommended the NYSE bid to shareholders.  Antitrust concerns may be playing a role here.  If Euronext merges with Deutsche Boerse, the deal "would create a single market covering much of Europe."  Such a deal likely would receive intense scrutiny from Europe's top antitrust authority whereas a deal between Euronext and NYSE likely would sail right through the regulatory process.