Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 2.8.2021  
C(2021 ) 5876 final  
PUBLIC VERSION  
Caisse de dépôt et placement du 
Québec  
1000, place Jean -Paul Riopelle  
H2Z 2B3 Montréal  
Canada  
 
DWS Alternatives Global Limited  
Winchester House, 1 Great Winchester 
Street  
EC2N 2DB London  
United Kingdom  
Subject : Case M. 10305  – CDPQ  / DWS / ERMEWA  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 28 June  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the Caisse de 
dépôt et placement du Québec (‘‘CDPQ’’, Canada) and DWS Alternatives Global 
Limited (“DWS”, UK) ultimatel y controlled by Deutsche Bank AG (“DB”, Germany),  
acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control 
over the whole of the undertaking Ermewa Holding SAS  (“Ermewa”, France ), 
belonging to the SNCF Group (France) , by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 CDPQ : global  long-term institutional investor managing funds  primarily on 
behalf of public and para -public pension and insurance plans. CDPQ invests these 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 262, 5.7.2021 , p. 18-19. 

2 funds in financial ma rkets, private equity, fixed income,  infrastructure and real 
estate ; 
 DWS : asset management company with a wide investment portfolio,  including  
investments in infrastructure assets in Europe ; 
 Ermewa:  transport asset management  group active in the leasing of  freight 
railcars in Europe and the leasing of tank  containers globally, including in 
Europe. Ermewa owns five workshops in France and  three workshops in 
Germany providing  services for the maintenance,  construction and repair of 
freight railcars. Ermewa is  also active in the maintenance,  repair and storage of 
tank containers and tank trailers through a subsidiary located in  the Netherlands.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in appli cation of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .