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,  30.6.2021  
C(2021 ) 5007 final  
PUBLIC VERSION  
British Columbia Investment 
Management Corporation  
750 Pandora Ave 
Victoria , British Columbia, V8W 0E4  
Canada  
 
Stichting Pensioenfonds ABP  
Coriovallumstraat 46  
6411 CD Heerlen  
The Netherlands  
 
BTG Pactual Timberland Investment 
Group, LLC  
1180 Peachtree Street NE, Suite 1810  
Atlanta , GA 30309  
United States of America  
Subject : Case M. 10315  – BCI / ABP / TIG / JV / CERTAIN ASSETS OF ARAUCO  
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 04 June 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which British 
Columbia Investment Management Corporation (‘BCI’, Canada ), Stichting 
Pensioenfonds ABP (‘ABP’, the Netherlands ), Timberland Investment Group, LLC 
(‘TIG’), controlled by Banco BTG Pactual S.A. (‘BTG Pactual’, Brazil) , acquire, 
through their respective interests in BTG Pactual Inversiones Forestales Fondo de 
Inversión (‘Newco’, Chile) , assets comprising approximately  80,000 hectares of 
timberlands in the Chilean regions of Maule, Araucanía and Los Lagos (the ‘Target’, 
Chile). BCI, ABP and TIG acquire joint control of the whole of  the Target  within the 
                                                 
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 introduc ed 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 meaning of Article 3(1)(b)  and 3(4)  of the Merger Regulation . The c oncentration is 
accomplished by way of  purchase of assets  and the creation of Newco to acquire and 
exploit those assets .3 
2. The business activities of the undertakings concerned are:  
 BCI: investor a cross a range of asset classes, including  fixed income, public 
equities, private equity, infrastructure, renewable resources, real estate and 
commercial mortgages.  
 ABP : pension fund for government and education employees in the Netherlands.  
 TIG: timberland investments management organisation.  
 New co: a new Chilean public investment fund  jointly controlled by BCI, APB 
and TIG, created for the purpose of acquiring and exploiting the Target.  
 Target: the Target comprises 80,000 hectares of timberlands in the Chilean 
regions of Maule, Araucanía and Los Lagos.  
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 
certai n 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  
                                                 
3  Publication in the Official Journal of the European Union No C 236, 18.6.2021, p. 10. 
4  OJ C 366, 14.12.2013, p. 5 .