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 -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 9.10.2020  
C(2020 ) 7094 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9928  – QuattroR /HGM/Burgo  
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 17 September  2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 and following a re ferral pursuant to Article 4(5) of 
the Merger  Regulation by which the undertakings QuattroR SGR S.p.A. (‘QuattroR’, 
Italy)  and Holding Gruppo Marchi S.p.A (‘HGM’, Italy), acquire within the meaning 
of Article 3(1)(b) and Artticle 3(4) of the Merger Regulation joint control over the 
whole of  the undertaking Burgo Group S.p.A. (‘Burgo’, Italy) by way of purchase of 
shares .3 
2. The business activities of the undertakings concerned are:  
 for QuattroR : a management company that focuses on investing and relaunching 
Italian businesses with solid market  and industrial fundamentals that need fresh 
resources for growth or are facing temporary financial unbalance,  
 for HGM : a holding  company that, inter alia, controls Palladio Group S.p.A. , an 
Italian -based company active in the production and sale of cartons, leaflets, 
booklets and adhesive labels and premium packaging  and currently owns a 
controlling stake  in Burgo,  
 for Burgo : a manufacturer of pulp and paper, active in the manufacturing of (i) 
coated graphic paper, mainly for magazines and newsprint of various grades and 
qualities (coated mechanical and coated wood -free paper), (ii) uncoated graphic 
paper, mainly for books and stationeries (uncoated wood -free p aper), (iii) short -fiber 
                                                 
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 317, 25.9.2020 , p. 22. 

2 pulp, of which the majority is used for internal graphic paper production, (iv) 
specialty paper, mainly for packaging and labelling end -usages, and (v) recycled 
containerboard, used by the assemblers of brown boxes.  
3. After examinati on 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 application 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 .