Commission européenne, DG COMP MERGER REGISTRY, 1049 Br uxelles, 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, 6.10.2021  
C(2021) 7364 final  
PUBLIC VERSION 
Forestal Arauco S.A.  
Avenida El Golf 150, 14th floor  
Las Condes, Santiago  
Chile  
Ontario Teachers’ Pension Plan Board  
5650 Yonge Street  
Toronto, Ontario, M2M 4H5  
Canada  
Subject : Case M. 10424 – FORESTAL ARAUCO / OTPPB / AGRICOLA 
NEUFUN 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 8 September 2021, the European Commission received a notification of a 
proposed concentration pursuant to Article 4 of the Merger  Regulation by which 
Forestal Arauco S.A. (Forestal Arauco, Chile) and Ontario Teachers’ Pension Plan 
Board (OTPPB, Canada ) intend to acquire within the meaning of Article 3(1)(b) 
and 3(4) of the Merger Regulation joint control of Agr ícola Neufun SpA (Chile) by 
way of purchase of shares in a newly created company constituting a joint venture .3 
2. The business activities of the undertakings concerned are:  
− for Forestal Arauco, ultimately controlled by Inversiones Angelini y Compañía 
Limitada (the Angelini Group) : forestry (forestation, reforestation, thinning, care, 
management, exploitation and industrialization of artificial and native forests), 
agricultura l and livestock activities, sale and export of products and by-products 
of forestry, industrial, agricultural and livestock activities,  
                                                 
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 ( the ‘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 372, 16.9.2021, p. 11.  

2 − for OTPPB:  administration of pension benefits and investment of pension plan 
assets on behalf of active and retired teac hers in the province of Ontario, Canada , 
− for Agr ícola Neufun Spa: the joint venture company (JV Company) to be 
established will develop horticulture activities, including the developing, planting, 
caring, harvesting, operating, and maintaining of crops of hazelnut trees, and / or 
other arboreal species, like walnut trees in Chile. The JV Company will 
subsequently commercialize the fruits of these hazelnut and walnut trees . 
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(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.