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,10.5.2021 
C(2021) 3433 final 
PUBLIC VERSION  
Cerberus Capital Management, L.P. 
875 Third Avenue 
NY 10022 New York 
United States of America 
 
Koch Minerals & Trading, LLC 
4111 East 37th Street North  
67220 Wichita, Kansas 
United States of America 
Subject: Case M.10219 - CERBERUS / KOCH INDUSTRIES / PQ 
PERFORMANCE CHEMICALS 
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 April 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which the 
undertakings Cerberus Capital Management L.P. (“Cerberus”, USA) and Koch 
Minerals & Trading, LLC (“KM&T”, USA), controlled by Koch Industries, Inc. 
(“KII”, USA) acquire within the meaning of Article 3(1)(b) of the Merger Regulation 
joint control of the undertakings PQ LLC, PQ International Cooperative UA and PQ 
Netherlands Cooperative LLC (Netherlands) and PQ Silicates Limited, PQ China 
(Hong Kong) Limited (Hong Kong) and each of their respective subsidiaries (together 
“PQ Performance Chemicals”), controlled by PQ Group Holdings, Inc. (“PQ Group”, 
USA). The concentration is accomplished 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 139, 20.04.2021, p. 9. 

 
2 2. The business activities of the undertakings concerned are: 
 for Cerberus: investment in real property and personal property of all kinds 
worldwide. Some of the main sectors in which the undertakings controlled by the 
Cerberus Group generate turnover are financial services, manufacturing, building 
materials and real estate, 
 for KM&T: dry-bulk commodity handler, which markets and trades commodities 
such as petroleum coke, coal, sulfur, wood pulp and paper products,  
 for KII: control of a diverse portfolio of companies involved in refining and 
chemicals, process and pollution control equipment and technologies, minerals, 
fertilizers, commodity trading and services, polymers and fibers, glass, forest and 
consumer products, electronic connectors, ranching, printing and packing, 
enterprise software and investments, 
 for PQ Performance Chemicals: producer of sodium silica’s, downstream 
specialty silicas, zeolites and other derivatives. The products manufactured by PQ 
Performance Chemicals are used as input products across a range of personal 
care, cleaning, food and beverage and surface coating products. 
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(b) 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 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.