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,  20.3.2019  
C(2019 ) 2286  final  
 
 
To the notifying party:  
 
Subject : Case M. 9254 - MUTB / CFSGAM  
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 25 february 2019 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which Mitsubishi UFJ 
Trust and Banking Corporation ( “MUTB ”, Japan) acquires  within the meaning of Article 
3(1)(b) of the Merger Regulation  control of the whole of  Colonial First State Global Asset 
Management group ( “CFSGAM ”, Australia ) by way of  purchase of shares .3 
2. The business act ivities of the undertakings concerned are:  
 MUTB is a wholly -owned subsidiary of Mitsubishi UFJ Financial Group, Inc. 
(“MUFG ”), that  operates globally and provides a full range of banking services. 
Depending on the geographical region, these include retail, corporate, and investment 
banking services, as well as asset management and sales and trading services.   
 CFSGAM is the global asse t management business  of the Commonwealth Bank of 
Australia  (“CBA”) . CFSGAM offers products across equities, fixed income and 
alternatives (property and infrastructure) for institutional investors as well as 
corporate/retail investors. CFSGAM is active in a number of jurisdictions, including 
Sydney, Edinburgh, Hong Kong, London, New York and Singapore . Outside of 
Australia it is also known as  First State Investments ( “FSI”). 
                                                 
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 83, 5.03.2019 , p. 9. 
PUBLIC VERSION  
2 3. After examination of the notification, the European Commission has concluded that t he 
notified operation falls within the scope of the Merger  Regulation  and of paragraph 5 (c) 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 th e 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)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .