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,19.3.2020  
C(2020 ) 1850 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9764 — Red Rock Power/Cap Man Infra Lux Management/NH -
Amundi Asset Management/JV  
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 26 February  2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Red Rock 
Power Limited (“Red  Rock  Power ”), an indirect subsidiary of SDIC Power  Holdings 
Co Ltd (“SDIC Power”, China),  CapMan Plc (“ CapMan ”, Finland) and NH -Amundi 
Asset Management Co. Ltd ( “NH-Amundi ”, Korea),  jointly  controlled  by NongHyup  
Financial  Group (ultimately  owned  by the Korean  National  Agricultural  Cooperative  
Federation)  and Amundi  Asset  Management (ultimately owned by Crédit Agricole 
Group) , acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger 
Regulation joint control o f Cloud Snurran AB (“Cloud Snurran”, Sweden)  by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Red Rock Power is the holding company for SDIC Power’s European wind sector 
investments; SDIC Power is a China -based company principally engaged in the 
investment, construction, operation and management of electric power plants 
mainly in China , 
 CapMan is a Nordic i nvestment and specialised asset management undertaking , 
 NH-Amundi is an asset management company, which provides investment trust 
and mutual fund management for all types of investments,  
                                                 
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 73, 6.3.2020 , p. 8. 

2  Cloud Snurran is the JV that will develop, construct and operate an o nshore wind 
farm in Sweden.  
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 application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUER SENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .