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,  24.8.2022  
C(2022 ) 6188 final  
PUBLIC VERSION  
Elkem ASA , 
Drammensveien 169,  
0213 Oslo / PO Box 204 Lilleaker,  
0216 Oslo,  
Norway  
Hydro Energi Invest AS , 
Drammensveien 264, 
NO-0283 Oslo,  
Norway  
Altor Fund Manager AB , 
c/o Altor Equity Partners AB  
Jakobsgatan 6,  
SE-111 52 Stockholm , 
Sweden  
Subject : Case M. 10803 - ELKEM / HYDRO ENERGI INVEST / ALTOR FUND 
MANAGER / VIANODE  
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 1 August  2022 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation , by which the 
undertaking s Elkem ASA (‘Elkem’, Norway, controlled by the State -owned Assets 
Supervision and Administration Commission of the State Council of the People’s 
Republic of China , China), Hydro Energi Invest AS (‘Hydro’, Norway, belonging to 
the Hydro Group , Norway),  and Altor Fund Manager AB  (‘Altor’, Sweden),  intend  to 
acquire , within the meaning of Article s 3(1)(b)  and 3(4)  of the Merger Regulation , 
                                                 
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 ’). 

 
2 joint control of Vianode AS (‘Vianode’, Norway), currently controlled by Elkem , by 
way of  purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Elkem is active in the production, sale, marketing and research and development 
of silicon, ferrosilicon, carbon, microsilica and ferrosilicon -based specialty alloys 
for the iron foundry and steel industries, worldwide,  
 Hydro is  a fully integrated aluminium company, and has activities throughout the 
aluminium value chain from bauxite, alumina and energy generation to the 
production of primary aluminium, aluminium extruded products and aluminium 
recycling, worldwide,  
 Altor is the fund manager of a group of private equity funds, including Altor Fund 
V which is the Altor fund having made the invest ment in Vianode . Altor Fund V 
is a private equity fund which focuses on investments in the mid -mark et segment 
of the Nordic region,  
 Vianod e is active in the development of anode materials for the production of 
battery materials.  
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 parag raph 5 (c) 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 opp ose 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  
                                                 
3  Publication in the Official Journal of the European Union No C 302, 8.8.2022 , p. 2, C 307, 12.8.22, p. 
26. 
4  OJ C 366, 14.12.2013, p. 5 .