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,  18.11.2022  
C(2022 ) 8539 final  
PUBLIC  VERSION  
Salic International Investment 
Company (SIIC) , 
Business Gate, Building 6,  
7452 Airport Branch Rd Qurtubah,  
Unit No. 2, Ar Riyadh 13244 – 2327,  
Kingdom of Saudi Arabia  
 
Olam Holdings , 
7 Straits View,  
#20-01, Marina One East Tower,  
Singapore, 018936  
Singapore  
Subject : Case M. 10790 –SALIC / OLAM / OLAM AGRI  
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 20 October  2022 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation , by which the 
undertaking s Saudi Agricultural and Livestock Investment Company (‘SALIC’, Saudi 
Arabia), controlled by Public Investment Fund (Saudi Arabia) , and Olam Group 
Limited (‘Olam Group’, Singapore), controlled by Temasek Holdings (Private) 
Limited (Singapore) , intend  to acquire , within the meaning of Articl es 3(1)(b)  and 
3(4) of the Merger Regulation , joint control of  the whole of Olam Agri Holdings Pte. 
Ltd. (‘Olam Agri’, Singapore), currently belonging to the Olam Group , by way of 
purchase of shares .3 
                                                 
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 414, 28.10. 2022 , p. 45. 

 
2 2. The business activities of the undertakings concerned are: 
  SALIC is a Saudi Arabian investment company, active in the agricultural and 
food industries with investments both in Saudi Arabia and internationally,  
 Olam Group is active worldwide in the food and agri -business sectors through its 
various subsidiaries. Olam Group is controlled by Temasek, an investment 
company with businesses active in a broad spectrum of industries, including the 
agri-food sector,  
 Olam  Agri is a worldwide merchant and processor of agricultural goods, with 
activities spanning the entire value chain (farming, origination, wholesale trading, 
processing, refining  or distributing).  
3. After examination of the notification, the European Commissi on 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 th e 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 .