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, 15.12.2021  
C(2021 ) 9731 final  
PUBLIC VERSION  
CPP Investments   
Canada Pension Plan Investment Board  
One Queen Street East  
Suite 2500  
Toronto, ON - M5C 2W5  
Canada  
 
Votorantim S.A.  
Rua Amauri, 255, 13º andar  
São Paulo/SP  
CEP: 01448 -000 
Brazil  
Subject : Case M .10557  – CPP INVESTMENTS / VOTORANTIM / VOTENER  
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 November 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking s CPP Investments (Canada)  and Votorantim S.A. (“Votorantim”, Brazil ) 
acquire within the meaning of Article 3(1)( b) and 3(4) of the Merger Regulation joint 
control over the whole of the undertaking Votener – Votorantim Comercializadora de 
Energia Ltda. (“Votener”, Brazil), a subsidiary of Votorantim Geração de Energia 
S.A. (“VGE”, Brazil), cur rently a subsidiary of Votorantim , by way of purchase of 
shares .3 
                                                 
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 482, 30.11.2021 , p. 17. 

2 2. The business activities of the undertakings concerned are:  
 for CPP Investments: an investment management organisation that invests the 
funds of the Canada Pension Plan Fund , 
 for Votorantim : active in a variety of business segments, including cement and 
concrete, mining and metallurgy, concentrated orange juice, chemical specialty 
markets, electric power generation and financial sector , 
 for Votener : the wholesale trade of electric energy in B razil. 
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 
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 no tified 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)  
Olivie r GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .