# Official Journal C 271/2015

| | ISSN 1977-091X |
| --- | --- |
| Official Journal
  of the European Union | C 271 |
| | |
| English edition | Information and Notices | Volume 5818 August 2015 |

ISSN 1977-091X

Official Journal

of the European Union

C 271

English edition

Information and Notices

Volume 5818 August 2015

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| Notice No | Contents | page |
| --- | --- | --- |
| | I   Resolutions, recommendations and opinions |
| | RECOMMENDATIONS |
| | Council |
| 2015/C 271/01 | Council recommendation of 14 July 2015 on the 2015 National Reform Programme of Germany and delivering a Council opinion on the 2015 Stability Programme of Germany | 1 |

Notice No

Contents

page

I   Resolutions, recommendations and opinions

RECOMMENDATIONS

Council

2015/C 271/01

Council recommendation of 14 July 2015 on the 2015 National Reform Programme of Germany and delivering a Council opinion on the 2015 Stability Programme of Germany

1

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| | II   Information |
| --- | --- |
| | INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
| | European Commission |
| 2015/C 271/02 | Non-opposition to a notified concentration (Case M.7659 — Groupe InVivo/Groupe Scael/JV) (
  1
  ) | 5 |
| 2015/C 271/03 | Non-opposition to a notified concentration (Case M.7689 — CPPIB/Intu Holding/Puerto Venecia) (
  1
  ) | 5 |
| 2015/C 271/04 | Non-opposition to a notified concentration (Case M.7565 — Danish Crown/Tican) (
  1
  ) | 6 |

II   Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

2015/C 271/02

Non-opposition to a notified concentration (Case M.7659 — Groupe InVivo/Groupe Scael/JV) (
  1
  )

1

5

2015/C 271/03

Non-opposition to a notified concentration (Case M.7689 — CPPIB/Intu Holding/Puerto Venecia) (
  1
  )

1

5

2015/C 271/04

Non-opposition to a notified concentration (Case M.7565 — Danish Crown/Tican) (
  1
  )

1

6

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| | IV   Notices |
| --- | --- |
| | NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
| | European Commission |
| 2015/C 271/05 | Euro exchange rates | 7 |

IV   Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

2015/C 271/05

Euro exchange rates

7

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| | V   Announcements |
| --- | --- |
| | PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY |
| | European Commission |
| 2015/C 271/06 | Prior notification of a concentration (Case M.7714 — Apollo/NKBM) — Candidate case for simplified procedure (
  1
  ) | 8 |
| 2015/C 271/07 | Prior notification of a concentration (Case M.7731 — Bpifrance/Springwater/Delion France) — Candidate case for simplified procedure (
  1
  ) | 9 |

V   Announcements

PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY

European Commission

2015/C 271/06

Prior notification of a concentration (Case M.7714 — Apollo/NKBM) — Candidate case for simplified procedure (
  1
  )

1

8

2015/C 271/07

Prior notification of a concentration (Case M.7731 — Bpifrance/Springwater/Delion France) — Candidate case for simplified procedure (
  1
  )

1

9

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| | |
| --- | --- |
| | (1)   Text with EEA relevance |

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(1)   Text with EEA relevance

1

| EN | |
| --- | --- |

EN

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I Resolutions, recommendations and opinions

RECOMMENDATIONS

Council

| 18.8.2015 | EN | Official Journal of the European Union | C 271/1 |
| --- | --- | --- | --- |

18.8.2015

EN

Official Journal of the European Union

C 271/1

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COUNCIL RECOMMENDATION

of 14 July 2015

on the 2015 National Reform Programme of Germany and delivering a Council opinion on the 2015 Stability Programme of Germany

(2015/C 271/01)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 121(2) and 148(4) thereof,

Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (1), and in particular Article 5(2) thereof,

Having regard to Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (2), and in particular Article 6(1) thereof,

Having regard to the recommendation of the European Commission,

Having regard to the resolutions of the European Parliament,

Having regard to the conclusions of the European Council,

Having regard to the opinion of the Employment Committee,

Having regard to the opinion of the Economic and Financial Committee,

Having regard to the opinion of the Social Protection Committee,

Having regard to the opinion of the Economic Policy Committee,

Whereas:

| (1) | On 26 March 2010, the European Council agreed to the Commission’s proposal to launch a new strategy for growth and jobs, Europe 2020, based on enhanced coordination of economic policies. The strategy focuses on the key areas where action is needed to boost Europe’s potential for sustainable growth and competitiveness. |
| --- | --- |

(1)

On 26 March 2010, the European Council agreed to the Commission’s proposal to launch a new strategy for growth and jobs, Europe 2020, based on enhanced coordination of economic policies. The strategy focuses on the key areas where action is needed to boost Europe’s potential for sustainable growth and competitiveness.

| (2) | On 14 July 2015, the Council, on the basis of the Commission’s proposals, adopted a recommendation on the broad guidelines for the economic policies of the Member States and the Union and, on 21 October 2010, it adopted a decision on guidelines for the employment policies of the Member States (3). Together these form the ‘integrated guidelines’ which Member States were invited to take into account in their national economic and employment policies. |
| --- | --- |

(2)

On 14 July 2015, the Council, on the basis of the Commission’s proposals, adopted a recommendation on the broad guidelines for the economic policies of the Member States and the Union and, on 21 October 2010, it adopted a decision on guidelines for the employment policies of the Member States (3). Together these form the ‘integrated guidelines’ which Member States were invited to take into account in their national economic and employment policies.

| (3) | On 8 July 2014, the Council adopted a recommendation (4) on Germany’s national reform programme for 2014 and delivered its opinion on Germany’s updated stability programme for 2014. On 28 November 2014, in line with Regulation (EU) No 473/2013 of the European Parliament and of the Council (5), the Commission presented its opinion on Germany’s draft budgetary plan for 2015. |
| --- | --- |

(3)

On 8 July 2014, the Council adopted a recommendation (4) on Germany’s national reform programme for 2014 and delivered its opinion on Germany’s updated stability programme for 2014. On 28 November 2014, in line with Regulation (EU) No 473/2013 of the European Parliament and of the Council (5), the Commission presented its opinion on Germany’s draft budgetary plan for 2015.

| (4) | On 28 November 2014, the Commission adopted the Annual Growth Survey, marking the start of the 2015 European Semester for economic policy coordination. On the same day, on the basis of Regulation (EU) No 1176/2011, the Commission adopted the Alert Mechanism Report, in which Germany was identified as one of the Member States for which an in-depth review would be carried out. |
| --- | --- |

(4)

On 28 November 2014, the Commission adopted the Annual Growth Survey, marking the start of the 2015 European Semester for economic policy coordination. On the same day, on the basis of Regulation (EU) No 1176/2011, the Commission adopted the Alert Mechanism Report, in which Germany was identified as one of the Member States for which an in-depth review would be carried out.

| (5) | On 18 December 2014, the European Council endorsed the priorities for fostering investment, intensifying structural reforms and pursuing responsible growth-friendly fiscal consolidation. |
| --- | --- |

(5)

On 18 December 2014, the European Council endorsed the priorities for fostering investment, intensifying structural reforms and pursuing responsible growth-friendly fiscal consolidation.

| (6) | On 26 February 2015, the Commission published its 2015 country report for Germany. This assessed Germany’s progress in addressing the country-specific recommendations adopted on 8 July 2014. The country report also includes the results of the in-depth review under Article 5 of Regulation (EU) No 1176/2011. The Commission’s analysis leads it to conclude that Germany is experiencing macroeconomic imbalances which require decisive policy action and monitoring. Risks have increased in light of the persistence of insufficient private and public investment, which represents a drag on growth and contributes to the very high current account surplus which continues to require close attention. The need for action to reduce the risk of adverse effects on the German economy and, given its size, on the economic and monetary union more widely, is particularly great. |
| --- | --- |

(6)

On 26 February 2015, the Commission published its 2015 country report for Germany. This assessed Germany’s progress in addressing the country-specific recommendations adopted on 8 July 2014. The country report also includes the results of the in-depth review under Article 5 of Regulation (EU) No 1176/2011. The Commission’s analysis leads it to conclude that Germany is experiencing macroeconomic imbalances which require decisive policy action and monitoring. Risks have increased in light of the persistence of insufficient private and public investment, which represents a drag on growth and contributes to the very high current account surplus which continues to require close attention. The need for action to reduce the risk of adverse effects on the German economy and, given its size, on the economic and monetary union more widely, is particularly great.

| (7) | On 28 April 2015, Germany submitted its 2015 National Reform Programme and, on 16 April 2015, its 2015 Stability Programme. In order to take account of their interlinkages, the two programmes have been assessed at the same time. |
| --- | --- |

(7)

On 28 April 2015, Germany submitted its 2015 National Reform Programme and, on 16 April 2015, its 2015 Stability Programme. In order to take account of their interlinkages, the two programmes have been assessed at the same time.

| (8) | Germany is currently in the preventive arm of the Stability and Growth Pact and subject to the debt rule. In its 2015 Stability Programme, the Government plans to maintain a budgetary surplus. The medium-term objective — a structural deficit of 0,5 % of GDP — continues to be met throughout the programme period. The government debt-to-GDP ratio is expected to gradually decline to 61,5 % in 2019. The macroeconomic scenario underpinning these budgetary projections, which has not been endorsed by an independent body, uses cautious growth assumptions. Based on the Commission’s 2015 spring forecast, the structural balance is projected to remain above the medium-term objective. Gross debt is forecast to remain on a firm downward path beyond the requirement of the debt rule. This creates scope to boost investment. Based on its assessment of the Stability Programme and taking into account the Commission’s 2015 spring forecast, the Council is of the opinion that Germany is expected to comply with the provisions of the Stability and Growth Pact. |
| --- | --- |

(8)

Germany is currently in the preventive arm of the Stability and Growth Pact and subject to the debt rule. In its 2015 Stability Programme, the Government plans to maintain a budgetary surplus. The medium-term objective — a structural deficit of 0,5 % of GDP — continues to be met throughout the programme period. The government debt-to-GDP ratio is expected to gradually decline to 61,5 % in 2019. The macroeconomic scenario underpinning these budgetary projections, which has not been endorsed by an independent body, uses cautious growth assumptions. Based on the Commission’s 2015 spring forecast, the structural balance is projected to remain above the medium-term objective. Gross debt is forecast to remain on a firm downward path beyond the requirement of the debt rule. This creates scope to boost investment. Based on its assessment of the Stability Programme and taking into account the Commission’s 2015 spring forecast, the Council is of the opinion that Germany is expected to comply with the provisions of the Stability and Growth Pact.

| (9) | The Federal Government has increased expenditure on education and research, but the share of public spending on education as a proportion of GDP is still below the EU average and total expenditure on education and research may fall short of the national target of 10 % of GDP by 2015. Germany intends to increase public investment until 2018, including additional amounts of EUR 10 billion for infrastructure and EUR 5 billion to support investment by financially weak municipalities. However, these positive steps appear insufficient to address the overall investment backlog. Taking advantage of its fiscal space would enable Germany to invest in the economy’s future growth potential and to address the public investment backlog, which is particularly evident in infrastructure and at municipal level. Germany has made no progress in improving the efficiency of the tax system. Overall, the scope for shifting taxes to more growth-friendly revenue sources appears underused. The revenues from recurrent property taxes remain comparatively low (0,5 % of GDP in 2012 v 1,5 % in EU-28) and the valuation of property is outdated, dating back to market values of 1963/1964 in the western Länder and 1935 in the eastern Länder. Although a reform of the municipal real estate tax (Grundsteuer) was part of the coalition agreement and announced in the 2014 and 2015 National Reform Programmes, no concrete action has been taken so far. Instead of focussing more on less distortive recurrent property taxes, the trend towards increasing real estate transfer taxes has continued. The local trade tax (Gewerbesteuer) has not been reviewed. Inefficiencies arise due to the inclusion of non-profit elements in the tax base.
  The administrative burden of taxation for companies and the cost of tax collection remain comparatively high in Germany, while electronic filing is less used in personal and corporate income tax than on average in the Union. The ongoing review of fiscal relations between the federation, Länder and municipalities provides the opportunity to strengthen the framework for sustainable fiscal policies, including ensuring adequate public investment at all levels of government. The review is also an opportunity to improve the allocation of revenue and expenditure competences as well as the efficiency of the horizontal fiscal equalisation system and of tax administration. |
| --- | --- |

(9)

The Federal Government has increased expenditure on education and research, but the share of public spending on education as a proportion of GDP is still below the EU average and total expenditure on education and research may fall short of the national target of 10 % of GDP by 2015. Germany intends to increase public investment until 2018, including additional amounts of EUR 10 billion for infrastructure and EUR 5 billion to support investment by financially weak municipalities. However, these positive steps appear insufficient to address the overall investment backlog. Taking advantage of its fiscal space would enable Germany to invest in the economy’s future growth potential and to address the public investment backlog, which is particularly evident in infrastructure and at municipal level. Germany has made no progress in improving the efficiency of the tax system. Overall, the scope for shifting taxes to more growth-friendly revenue sources appears underused. The revenues from recurrent property taxes remain comparatively low (0,5 % of GDP in 2012 v 1,5 % in EU-28) and the valuation of property is outdated, dating back to market values of 1963/1964 in the western Länder and 1935 in the eastern Länder. Although a reform of the municipal real estate tax (Grundsteuer) was part of the coalition agreement and announced in the 2014 and 2015 National Reform Programmes, no concrete action has been taken so far. Instead of focussing more on less distortive recurrent property taxes, the trend towards increasing real estate transfer taxes has continued. The local trade tax (Gewerbesteuer) has not been reviewed. Inefficiencies arise due to the inclusion of non-profit elements in the tax base.

The administrative burden of taxation for companies and the cost of tax collection remain comparatively high in Germany, while electronic filing is less used in personal and corporate income tax than on average in the Union. The ongoing review of fiscal relations between the federation, Länder and municipalities provides the opportunity to strengthen the framework for sustainable fiscal policies, including ensuring adequate public investment at all levels of government. The review is also an opportunity to improve the allocation of revenue and expenditure competences as well as the efficiency of the horizontal fiscal equalisation system and of tax administration.

| (10) | No measures have been specified to increase incentives for later retirement, which appear indispensable in view of the projected strong decline in Germany’s working-age population and a possible shortage of skilled workers in the medium term. The tax wedge for workers earning between 50 % and 67 % of the average wage has remained largely unchanged since 2001 and remains among the highest in the Union. The recent reforms to social insurance systems are likely to involve a further rise in contribution rates and increase the tax wedge further. This would have potentially negative effects on labour market participation and disposable income. The impact of fiscal drag is currently mitigated by low inflation. However, with dynamic wage growth and somewhat higher inflation rates in the coming years, fiscal drag could lead to significant non-discretionary tax increases. These could, in turn, also affect disposable income. Limited progress has been made in improving the educational achievement of disadvantaged people. Young people with a migrant background are twice as likely to leave school early. Fiscal disincentives are likely to be an important factor in discouraging second earners from taking up a job or working longer hours. This contributes to the low proportion of women working full-time and one of the lowest number of hours worked on average by women in the Union. The exemption of mini-jobs from personal income tax and in many cases from all employee social contributions also discourages workers from moving into jobs with earnings above the mini-job threshold of EUR 450 per month. |
| --- | --- |

(10)

No measures have been specified to increase incentives for later retirement, which appear indispensable in view of the projected strong decline in Germany’s working-age population and a possible shortage of skilled workers in the medium term. The tax wedge for workers earning between 50 % and 67 % of the average wage has remained largely unchanged since 2001 and remains among the highest in the Union. The recent reforms to social insurance systems are likely to involve a further rise in contribution rates and increase the tax wedge further. This would have potentially negative effects on labour market participation and disposable income. The impact of fiscal drag is currently mitigated by low inflation. However, with dynamic wage growth and somewhat higher inflation rates in the coming years, fiscal drag could lead to significant non-discretionary tax increases. These could, in turn, also affect disposable income. Limited progress has been made in improving the educational achievement of disadvantaged people. Young people with a migrant background are twice as likely to leave school early. Fiscal disincentives are likely to be an important factor in discouraging second earners from taking up a job or working longer hours. This contributes to the low proportion of women working full-time and one of the lowest number of hours worked on average by women in the Union. The exemption of mini-jobs from personal income tax and in many cases from all employee social contributions also discourages workers from moving into jobs with earnings above the mini-job threshold of EUR 450 per month.

| (11) | Policy action to stimulate competition in the services sectors, especially in professional services, has been limited. Labour productivity growth rates in professional services in Germany have been negative or close to zero for more than a decade. Germany is also among the Member States where regulation is least conducive to competition in the professional services sector. The restrictions include professional qualifications requirements, legal form and shareholding requirements. On the latter, limited changes are under way in some Länder, but there is still no broad review of such restrictions. Germany is participating in the mutual evaluation exercise provided for in Directive 2013/55/EU of the European Parliament and of the Council (6) amending the Professional Qualifications Directive but has not yet taken any measures as a result of this review. The competitive situation in the German railway markets has not significantly improved since last year. In particular, in the long-distance rail passenger segment, the difficult competitive environment is discouraging for new entrants. Track access charges for long-distance passenger transport are among the highest in the Union. The market share of new entrants in the long-distance rail passenger market remains below 1 % and is falling. |
| --- | --- |

(11)

Policy action to stimulate competition in the services sectors, especially in professional services, has been limited. Labour productivity growth rates in professional services in Germany have been negative or close to zero for more than a decade. Germany is also among the Member States where regulation is least conducive to competition in the professional services sector. The restrictions include professional qualifications requirements, legal form and shareholding requirements. On the latter, limited changes are under way in some Länder, but there is still no broad review of such restrictions. Germany is participating in the mutual evaluation exercise provided for in Directive 2013/55/EU of the European Parliament and of the Council (6) amending the Professional Qualifications Directive but has not yet taken any measures as a result of this review. The competitive situation in the German railway markets has not significantly improved since last year. In particular, in the long-distance rail passenger segment, the difficult competitive environment is discouraging for new entrants. Track access charges for long-distance passenger transport are among the highest in the Union. The market share of new entrants in the long-distance rail passenger market remains below 1 % and is falling.

| (12) | In the context of the European Semester, the Commission has carried out a comprehensive analysis of Germany’s economic policy and published it in the 2015 country report. It has also assessed the Stability Programme and the National Reform Programme and the follow-up given to the recommendations addressed to Germany in previous years. It has taken into account not only their relevance for sustainable fiscal and socioeconomic policy in Germany but also their compliance with EU rules and guidance, given the need to strengthen the overall economic governance of the Union by providing EU-level input into future national decisions. The recommendations under the European Semester are reflected in recommendations (1) to (3) below. |
| --- | --- |

(12)

In the context of the European Semester, the Commission has carried out a comprehensive analysis of Germany’s economic policy and published it in the 2015 country report. It has also assessed the Stability Programme and the National Reform Programme and the follow-up given to the recommendations addressed to Germany in previous years. It has taken into account not only their relevance for sustainable fiscal and socioeconomic policy in Germany but also their compliance with EU rules and guidance, given the need to strengthen the overall economic governance of the Union by providing EU-level input into future national decisions. The recommendations under the European Semester are reflected in recommendations (1) to (3) below.

| (13) | In the light of this assessment, the Council has examined the Stability Programme, and is of the opinion (7) that Germany complies with the Stability and Growth Pact. |
| --- | --- |

(13)

In the light of this assessment, the Council has examined the Stability Programme, and is of the opinion (7) that Germany complies with the Stability and Growth Pact.

| (14) | In the light of the Commission’s in-depth review and this assessment, the Council has examined the National Reform Programme and the Stability Programme. Its recommendations under Article 6 of Regulation (EU) No 1176/2011 are reflected in recommendations (1) to (3) below. |
| --- | --- |

(14)

In the light of the Commission’s in-depth review and this assessment, the Council has examined the National Reform Programme and the Stability Programme. Its recommendations under Article 6 of Regulation (EU) No 1176/2011 are reflected in recommendations (1) to (3) below.

| (15) | In the context of the European Semester, the Commission has also carried out an analysis of the economic policy of the euro area as a whole. On the basis of this analysis, the Council has issued specific recommendations addressed to the Member States whose currency is the euro (8). As a country whose currency is the euro, Germany should also ensure the full and timely implementation of these recommendations, |
| --- | --- |

(15)

In the context of the European Semester, the Commission has also carried out an analysis of the economic policy of the euro area as a whole. On the basis of this analysis, the Council has issued specific recommendations addressed to the Member States whose currency is the euro (8). As a country whose currency is the euro, Germany should also ensure the full and timely implementation of these recommendations,

HEREBY RECOMMENDS that Germany take action in 2015 and 2016 to:

| 1. | Further increase public investment in infrastructure, education and research. To foster private investment, take measures to improve the efficiency of the tax system, in particular by reviewing the local trade tax and corporate taxation and by modernising the tax administration. Use the ongoing review to improve the design of fiscal relations between the federation, Länder and municipalities, particularly with a view to ensuring adequate public investment at all levels of government. |
| --- | --- |

1.

Further increase public investment in infrastructure, education and research. To foster private investment, take measures to improve the efficiency of the tax system, in particular by reviewing the local trade tax and corporate taxation and by modernising the tax administration. Use the ongoing review to improve the design of fiscal relations between the federation, Länder and municipalities, particularly with a view to ensuring adequate public investment at all levels of government.

| 2. | Increase incentives for later retirement. Take measures to reduce high labour taxes and social security contributions, especially for low-wage earners, and address the impact of fiscal drag. Revise the fiscal treatment of mini-jobs to facilitate the transition to other forms of employment. |
| --- | --- |

2.

Increase incentives for later retirement. Take measures to reduce high labour taxes and social security contributions, especially for low-wage earners, and address the impact of fiscal drag. Revise the fiscal treatment of mini-jobs to facilitate the transition to other forms of employment.

| 3. | Take more ambitious measures to stimulate competition in the services sector, in particular in professional services, by eliminating unjustified restrictions such as legal form and shareholding requirements and fixed tariffs. To this end, conclude the ongoing domestic review of these barriers and take follow-up measures. Remove the remaining barriers to competition in the railway markets, in particular in long-distance rail passenger transport. |
| --- | --- |

3.

Take more ambitious measures to stimulate competition in the services sector, in particular in professional services, by eliminating unjustified restrictions such as legal form and shareholding requirements and fixed tariffs. To this end, conclude the ongoing domestic review of these barriers and take follow-up measures. Remove the remaining barriers to competition in the railway markets, in particular in long-distance rail passenger transport.

Done at Brussels, 14 July 2015.

For the Council

The President

P. GRAMEGNA

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(1)  OJ L 209, 2.8.1997, p. 1.

1

(2)  OJ L 306, 23.11.2011, p. 25.

2

(3)  Maintained by Council Decision 2014/322/EU of 6 May 2014 on guidelines for the employment policies of the Member States for 2014 (OJ L 165, 4.6.2014, p. 49).

3

(4)  Council Recommendation of 8 July 2014 on the National Reform Programme 2014 of Germany and delivering a Council opinion on the Stability Programme of Germany, 2014 (OJ C 247, 29.7.2014, p. 20).

4

(5)  Regulation (EU) No 473/2013 of the European Parliament and of the Council of 21 May 2013 on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area (OJ L 140, 27.5.2013, p. 11).

5

(6)  Directive 2013/55/EU of the European Parliament and of the Council of 20 November 2013 amending Directive 2005/36/EC on the recognition of professional qualifications and Regulation (EU) No 1024/2012 on administrative cooperation through the Internal Market Information System (‘the IMI Regulation’) (OJ L 354, 28.12.2013, p. 132).

6

(7)  Under Article 5(2) of Regulation (EC) No 1466/97.

7

(8)  OJ C 272, 18.8.2015, p. 98.

8

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II Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

| 18.8.2015 | EN | Official Journal of the European Union | C 271/5 |
| --- | --- | --- | --- |

18.8.2015

EN

Official Journal of the European Union

C 271/5

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Non-opposition to a notified concentration

(Case M.7659 — Groupe InVivo/Groupe Scael/JV)

(Text with EEA relevance)

(2015/C 271/02)

On 7 August 2015, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in French and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes. |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes.

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32015M7659. EUR-Lex is the online access to European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32015M7659. EUR-Lex is the online access to European law.

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(1)  OJ L 24, 29.1.2004, p. 1.

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| 18.8.2015 | EN | Official Journal of the European Union | C 271/5 |
| --- | --- | --- | --- |

18.8.2015

EN

Official Journal of the European Union

C 271/5

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Non-opposition to a notified concentration

(Case M.7689 — CPPIB/Intu Holding/Puerto Venecia)

(Text with EEA relevance)

(2015/C 271/03)

On 6 August 2015, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32015M7689. EUR-Lex is the online access to European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32015M7689. EUR-Lex is the online access to European law.

---

(1)  OJ L 24, 29.1.2004, p. 1.

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| 18.8.2015 | EN | Official Journal of the European Union | C 271/6 |
| --- | --- | --- | --- |

18.8.2015

EN

Official Journal of the European Union

C 271/6

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Non-opposition to a notified concentration

(Case M.7565 — Danish Crown/Tican)

(Text with EEA relevance)

(2015/C 271/04)

On 17 July 2015, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English language and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32015M7565. EUR-Lex is the on-line access to the European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32015M7565. EUR-Lex is the on-line access to the European law.

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(1)  OJ L 24, 29.1.2004, p. 1.

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IV Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

| 18.8.2015 | EN | Official Journal of the European Union | C 271/7 |
| --- | --- | --- | --- |

18.8.2015

EN

Official Journal of the European Union

C 271/7

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Euro exchange rates (1)

17 August 2015

(2015/C 271/05)

1 euro =

| | Currency | Exchange rate |
| --- | --- | --- |
| USD | US dollar | 1,1100 |
| JPY | Japanese yen | 138,22 |
| DKK | Danish krone | 7,4633 |
| GBP | Pound sterling | 0,71050 |
| SEK | Swedish krona | 9,4450 |
| CHF | Swiss franc | 1,0841 |
| ISK | Iceland króna | |
| NOK | Norwegian krone | 9,1585 |
| BGN | Bulgarian lev | 1,9558 |
| CZK | Czech koruna | 27,021 |
| HUF | Hungarian forint | 310,01 |
| PLN | Polish zloty | 4,1708 |
| RON | Romanian leu | 4,4300 |
| TRY | Turkish lira | 3,1725 |
| AUD | Australian dollar | 1,5096 |
| CAD | Canadian dollar | 1,4581 |
| HKD | Hong Kong dollar | 8,6077 |
| NZD | New Zealand dollar | 1,6927 |
| SGD | Singapore dollar | 1,5644 |
| KRW | South Korean won | 1 316,04 |
| ZAR | South African rand | 14,3340 |
| CNY | Chinese yuan renminbi | 7,0983 |
| HRK | Croatian kuna | 7,5566 |
| IDR | Indonesian rupiah | 15 393,34 |
| MYR | Malaysian ringgit | 4,5530 |
| PHP | Philippine peso | 51,403 |
| RUB | Russian rouble | 72,6325 |
| THB | Thai baht | 39,264 |
| BRL | Brazilian real | 3,8851 |
| MXN | Mexican peso | 18,2900 |
| INR | Indian rupee | 72,4997 |

Currency

Exchange rate

USD

US dollar

1,1100

JPY

Japanese yen

138,22

DKK

Danish krone

7,4633

GBP

Pound sterling

0,71050

SEK

Swedish krona

9,4450

CHF

Swiss franc

1,0841

ISK

Iceland króna

NOK

Norwegian krone

9,1585

BGN

Bulgarian lev

1,9558

CZK

Czech koruna

27,021

HUF

Hungarian forint

310,01

PLN

Polish zloty

4,1708

RON

Romanian leu

4,4300

TRY

Turkish lira

3,1725

AUD

Australian dollar

1,5096

CAD

Canadian dollar

1,4581

HKD

Hong Kong dollar

8,6077

NZD

New Zealand dollar

1,6927

SGD

Singapore dollar

1,5644

KRW

South Korean won

1 316,04

ZAR

South African rand

14,3340

CNY

Chinese yuan renminbi

7,0983

HRK

Croatian kuna

7,5566

IDR

Indonesian rupiah

15 393,34

MYR

Malaysian ringgit

4,5530

PHP

Philippine peso

51,403

RUB

Russian rouble

72,6325

THB

Thai baht

39,264

BRL

Brazilian real

3,8851

MXN

Mexican peso

18,2900

INR

Indian rupee

72,4997

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(1)  Source: reference exchange rate published by the ECB.

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V Announcements

PROCEDURES RELATING TO THE IMPLEMENTATION OF COMPETITION POLICY

European Commission

| 18.8.2015 | EN | Official Journal of the European Union | C 271/8 |
| --- | --- | --- | --- |

18.8.2015

EN

Official Journal of the European Union

C 271/8

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Prior notification of a concentration

(Case M.7714 — Apollo/NKBM)

Candidate case for simplified procedure

(Text with EEA relevance)

(2015/C 271/06)

| 1. | On 7 August 2015 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which investment funds managed by affiliates of Apollo Management LP (‘Apollo’, United States), acquire within the meaning of Article 3(1)(b) of the Merger Regulation control of the whole of the undertaking Nova Kreditna Banka Maribor d.d. (‘NKBM’, Slovenia) by way of purchase of shares. |
| --- | --- |

1.

On 7 August 2015 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which investment funds managed by affiliates of Apollo Management LP (‘Apollo’, United States), acquire within the meaning of Article 3(1)(b) of the Merger Regulation control of the whole of the undertaking Nova Kreditna Banka Maribor d.d. (‘NKBM’, Slovenia) by way of purchase of shares.

| 2. | The business activities of the undertakings concerned are:
  —   for Apollo: investment through funds managed through its affiliates in companies and debt issued by companies in various businesses around the world, including chemicals, real estate, insurance, paper businesses and television production businesses.
  —   for NKBM: financial services, real estate and fund management activities. |
| --- | --- |

2.

The business activities of the undertakings concerned are:

—   for Apollo: investment through funds managed through its affiliates in companies and debt issued by companies in various businesses around the world, including chemicals, real estate, insurance, paper businesses and television production businesses.

—   for NKBM: financial services, real estate and fund management activities.

| 3. | On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in this Notice. |
| --- | --- |

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in this Notice.

| 4. | The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
  Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301), by email to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number M.7714 — Apollo/NKBM to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301), by email to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number M.7714 — Apollo/NKBM to the following address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  OJ C 366, 14.12.2013, p. 5.

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| 18.8.2015 | EN | Official Journal of the European Union | C 271/9 |
| --- | --- | --- | --- |

18.8.2015

EN

Official Journal of the European Union

C 271/9

---

Prior notification of a concentration

(Case M.7731 — Bpifrance/Springwater/Delion France)

Candidate case for simplified procedure

(Text with EEA relevance)

(2015/C 271/07)

| 1. | On 10 August 2015 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertakings Bpifrance Investissement (‘Bpifrance’, France), ultimately controlled by the Caisse des Dépôts et Consignations (‘CDC’, France) and Springwater Capital LLC (‘SWC’, Switzerland) acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Delion France (‘Delion’, France) by way of purchase of shares. |
| --- | --- |

1.

On 10 August 2015 the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertakings Bpifrance Investissement (‘Bpifrance’, France), ultimately controlled by the Caisse des Dépôts et Consignations (‘CDC’, France) and Springwater Capital LLC (‘SWC’, Switzerland) acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Delion France (‘Delion’, France) by way of purchase of shares.

| 2. | The business activities of the undertakings concerned:






  — | Bpifrance is mainly active in financing innovative small and medium size enterprises (SMEs). Bpifrance has 42 regional offices and finances businesses through loans, guarantees and equity investments. |
| --- | --- | --- |

2.

The business activities of the undertakings concerned:

—

Bpifrance is mainly active in financing innovative small and medium size enterprises (SMEs). Bpifrance has 42 regional offices and finances businesses through loans, guarantees and equity investments.

| — | SWC is specializing in reorganization, restructuring, acquisition of companies and special opportunity transactions like turnaround and distressed investments. It invests in media, real estate and entertainment sectors in Europe. |
| --- | --- |

—

SWC is specializing in reorganization, restructuring, acquisition of companies and special opportunity transactions like turnaround and distressed investments. It invests in media, real estate and entertainment sectors in Europe.

| — | Delion will be present in the high-quality paper production. The production plant is located in Voreppe, France. |
| --- | --- |

—

Delion will be present in the high-quality paper production. The production plant is located in Voreppe, France.

| 3. | On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in this Notice. |
| --- | --- |

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in this Notice.

| 4. | The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
  Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301), by e-mail to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number M.7731 — Bpifrance/Springwater/Delion France, to the following address:





  European Commission |
| --- | --- |
| Directorate-General for Competition |
| Merger Registry |
| 1049 Bruxelles/Brussels |
| BELGIQUE/BELGIË |

4.

The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301), by e-mail to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number M.7731 — Bpifrance/Springwater/Delion France, to the following address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussels

BELGIQUE/BELGIË

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(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  OJ C 366, 14.12.2013, p. 5.

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