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, 1.2.2019  
C(2019 ) 884 final  
 
To the notifying parties  
Subject : Case M.9268  – MACQUARIE  / JERA POWER INTERNATIONAL / ORSTED 
INVESTCO / SWANCOR / FORMOSA I WIND POWER  
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 9 January  2019, the European Commission received notification of a proposed 
concen tration pursuant to Article 4 of the Merger  Regulation by which the undertakings 
Macquarie Corporate Holdings Pty Limited (“Macquarie”, Australia), Ørsted InvestCo Ltd. 
(“Ørsted”, Denmark), Swancor Ind. Co. Ltd. (“Swancor”, Taiwan), and JERA Power 
Internat ional B.V. (“JERA”, Japan)  acquire within the meaning of Article 3(1)(b) and of 
Article 3(4) of the Merger Regulation joint control over the whole of the undertaking 
Formosa I International Investment Co., Ltd. (“Formosa I”, Taiwan), which controls 
Formosa  I Wind Power Co., Ltd., by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Macquarie is involved in a diverse range of businesses, including investing in a wide 
range of sectors including resources and commodities, energy, financial institutions,  
infrastructure and real estate.  
 Ørsted is engaged in the development, construction and operation of offshore wind 
farms, bioenergy plants and innovative waste -to-energy solutions , and the provision of 
smart energy products t o its customers. It also procure s, produc es, distribut es and 
trades energy and related products in Northern Europe.  
 Swancor is a producer and distributor of specialty chemical materials, including 
anticorrosion resins for use in tanks and pipelines in vari ous industries, chimneys for 
                                                 
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 21, 17.1.2019 , p. 8. 
PUBLIC VERSION  
2 power plants, yachts and swimming pools and epoxy system resins for wind turbine 
blades.  
 JERA is active in upstream fuel investment, fuel procurement, trading and transport 
activities . It is also engaged in the development and operation of power generation 
plants.  
 Formosa  I is an offshore wind farm project being  developed, constructed and operated 
near Miaoli, Taiwan.  
3. After examination of the notification, the European Commission has concluded that the 
notified operation falls w ithin 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 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 .