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, 24/01/2022  
C(2022 ) 478 final 
PUBLIC VERSION  
        Mabanaft GmbH & Co. KG  
Koreastraße 7  
20457 Hamburg  
Germany  
 
H&R Group Finance GmbH  
Am Sandtorkai 50  
20457 Hamburg  
Germany  
Subject : Case M .10448 - MABANAFT / H&R / P2X  
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 22 December  2021 , following a referral pursuant to Article  4(5) of the Merger  
Regu lation the European Commission received notification of a proposed 
concentration pursuant to Article 4 by which Mabanaft GmbH & Co. KG 
(“Mabanaft”, Germany), belonging to the Marquard & Bahls Group, whose ultimate 
parent is Marquard & Bahls AG (Germany),  and H&R GmbH & Co. KGaA (“H&R”, 
Germany), as the ultimate parent company of the H&R Group,  acquire within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of P2X-
Europe GmbH & Co. KG (“P2X”, Germany) , by way of contract or any other means .3 
2. The business activities of the undertakings concerned are:  
 for Mabanaft : Mabanaft is part of Marquard & Bahls Group which is active in the 
supply, trading and logistics of energy, petroleum products and chemicals , 
                                                 
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 8, 07.1.2022 , p. 2. 

2  for H&R : H&R is part of H&R Group. The main activities of H&R Group 
comprise the development, production, filling and marketing of specialty 
chemical -pharmaceutical products based on crude oil such as process oils, 
plasticizers, white oils, base oils and paraffins , 
 for P2X: P2X’ acti vities  concern the so -called PtX technology and business. PtX 
stands for energy conversion processes that are used to convert preferably 
renewable sources of power to synthetic end products such as gases, liq uids, 
chemical products or heat . PtX plants can produce synthetic hydrocarbons from 
water and carbon dioxide using electrical energy. Possible PtX products are, for 
example, synthetic and climate -neutral e -fuels such as petrol, diesel, jet fuel or 
waxes . 
3. After examination of the notification, the Europe an Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragrap h 5(a) 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 .