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 -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 10.12.2018  
C(2018 ) 8770 final  
 
 
To the notifying parties  
Subject : Case M. 9143 - CAPMAN / NH -AMUNDI / GREEN INVESTMENT GROUP / 
CLOUD SNURRAN  
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 16 November 2018 , the  European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  the companies 
CapMan plc ("Capman", Finland),  NH-Amundi Asset Management Co. Ltd. ("NH -
Amundi", Korea), jointly controlled by NongHyup Fina ncial Group (ultimately owned by 
the Korean National Agricultural Cooperative Federation) and Amundi Asset Management 
(ultimately owned by Crédit Agricole Group),  and Green Investment Group ("GIG", the 
UK), controlled by Macquarie Group Limited,  acquire, w ithin the meaning of Article 
3(1)(b) and 3(4) of the Merger Regulation,  indirect joint control over  Cloud Snurran 
(Sweden)  by way of purchase of shares in a newly created company constituting a joint 
venture (JV).3 
2. The business activities of the undertakings concerned are:  
–  Capman is a Nordic investment and specialised asset management undertaking;  
– NH-Amundi is an asset management company, which provides investment trust 
and mutual fund management for all types of investments;  
– GIG specialise s in green energy principal investment, project delivery and 
portfolio management and related servcies;  
                                                 
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 429, 28.11.2018 , p. 5. 
PUBLIC VERSION  
2 – Cloud Snurran is the JV that will develop, construct and operate an onshore wind 
farm in Sweden.  
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 (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 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 applica tion 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 .