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, 12.11.2020  
C(2020 ) 7974 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9999  – BLACKROCK / KONINKLIJKE VOPAK / US GULF 
COAST TERMINALS  
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 October  2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Koninklijke 
Vopak N.V. (‘Vopak’, the Netherlands)  and BlackRock Alternatives Management, 
LLC (‘BAM’, United States) in its capacity as inve stment manager for Global Energy 
& Power Infrastructure Fund III, L.P . (‘GEPIF III’, Cayman Islands)  acquire within 
the meaning of Article 3(1)(b) of the Merger Regulation indirect joint control of US 
Gulf Coast Terminals (‘the Target’, United States), bel onging to the Dow Chemical 
Company (United States ). The concentration is accomplish ed by way of purchase of 
assets .3 
2. The business activities of the undertakings concerned are:  
 for BAM : investment management company which offers portfolio construction, 
asset management and investment advisory services.  BAM controls and manages 
investment decisions of GEPIF III , a fund which operates globally and focusses 
on investments in the energy and power infrastructure value chain. BAM is an 
indirectly wholly owned subs idiary of BlackRock, Inc., active in the provision of 
global investment management, risk management and advisory services to 
institutional and retail clients around the world , 
 for Vopak : active in the s torage and handling of various oil, chemicals, edible oils 
and natural gas -related products. It provides its services on a worldwide basis and 
                                                 
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 th is 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 354, 23.10.2020 , p. 7. 

2 operates terminals in Asia, the Middle East, North and S outh America, Europe 
and Africa,  
 for the Target : three ac tive US Gulf Coast marine and terminal operations and 
related assets, that is,  the Freeport Terminal (Texas), the St. Charles Terminal 
(Louisiana) and the P laquemine Terminal (Louisiana). These terminals provide 
tank storage services for chemicals and refi ned products for the US Gulf Coast.  
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(a) of the Commission Notice on a simplified proc edure 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 Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .