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, 06.12.2019  
C(2019 ) 8899 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9621  – SUEZ / ITOCHU / SFC / EDCO  
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 14 November  2019 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which the 
undertakings SUEZ  Groupe SAS  (“Suez”, France), ITOCHU Corporation (“Itochu”, 
Japan) and Saudi Fransi Capital (“SFC”, Saudi Arabia), owned by Banque Saudi 
Fransi (Saudi Arabia)  acquire within  the meaning of Article 3(1)(b)  of the Merger 
Regulation joint control over the who le of the undertaking Environment Development 
Company Limited (“EDCO”, Saudi Arabia)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 SUEZ is a company active in the provision of water management, recycling and 
wastewater recovery and urban development services , 
 ITOCHU is a Japanese trading and investment company with a wide range of 
experience  invest ing in infrastructure projects,  
 SFC is a full -service Saudi -based investment services provider offering 
investment  banking, asset management, debt and equity research, institutional 
sales and trading, and local/i nternational brokerage services,  
 EDCO is an independent company providing hazardous waste management 
services in the Jubail  area in Saudi Arabia . 
                                                 
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 ’). 
3  Publication in the Official Journal of the European Union No C 395, 22.11.2019 , p. 9 and C 401, 
27.11.2019, p. 13  

2 3. After examin ation 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 un der 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)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .