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, 26. 4.2019  
C(2019 ) 3313  final 
 
 
To the notifying parties:  
 
Subject : Case M.9310 – PFR/IFM/PSA/DCT  
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 April 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Polski Fundusz 
Rozwoju  S.A. (“PFR”, Poland), IFM Investors Pty Ltd (“IFM Investors”, Australia ) and 
PSA Baltics NV (“PSA Baltics”, Belgium), a wholly owned indirect subsidiary of PSA 
International Pte Ltd (“PSA”, Singapore ) acquire within the meaning of Article 3(1)(b) of 
the M erger Regulation joint control of the whole of  Gdansk Port Holdings S.à.r.l. (“ GPHS , 
Luxembourg)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 — for PFR : parent company of a group of financial and advisory institutions 
supporting companies, local governments and individuals investing in the 
sustainable social and  economic development of Poland;  
 — for IFM Investors : a global investment manager  of infrastructure, listed equities, 
private capital and debt inve stments ; 
— for PSA Baltics : a wholly owned indirect subsidiary of PSA , a global operator of 
shipping termin als, mainly active in the provision of stevedoring services at ports 
with a particular focus on providing terminal services for container liner ships ; 
                                                 
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 
'Communi ty' 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 126 , 5.04.2019 , p. 9. 
 
PUBLIC VERSION  
2 — for GPHS : holding company of DCT  Gdańsk S.A.  (Poland) , which operates two 
deep -sea container quays located in the Port of Gdansk, Poland . 
3. After examination of the notification, the European Commission has concluded that the 
notified operation falls wit hin the scope of the Merger  Regulation  and of paragraph 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 oppose the notified operation and to declare it compatible with the 
internal market and with the EEA Agreement. This decision is adopted in applicat ion of 
Article 6(1)(b) of the Merger  Regulation  and Article 57 of the EEA Agreement . 
For the Commission  
(Signed)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .