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, 18.1.2020  
C(2021 ) 354 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 10034 – Pizarreño/Maderas Arauco/E2E JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 2 and Article 57 of the Agreement on the European 
Economic Area3  
Dear Sir or Madam,  
1. On 15 December 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Empresas 
Pizarreño S.A. (“Pizarreño”, Chile), controlled by Etex N.V. (Belgium) , and Maderas 
Arauco S.A. (“Maderas Arauco”, Chile), controlled by Inversiones Angelini y 
Compañia Limitada (Chile) , extend the product and geographic scope of their pilot 
joint venture, E2E  S.A. (“E2E”, Chile) , by means of a transfer of rights  implemented 
pursuant to an amendment to the shar eholders agreement . As a result, E2E S.A. 
(“E2E”, Chile), jointly controlled by Empresas Pizarreño and Maderas Arauco , 
becomes an autonomous economic entity with market presence within the meaning of 
Article 3(1)(b) and 3(4) of the Merger Regulation .4 
2. The business activities of the undertakings concerned are:  
 for Pizarreño: manufacture, distribution and marketing of finished construction 
products, using cement a nd plaster or colpa,  
                                                 
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  For the purposes of  this Decision, although the United Kingdom withdrew from the European Union as 
of 1 February 2020, according to Article 92 of the Agreement on the withdrawal of the United 
Kingdom of Great Britain and Northern Ireland from the European Union and the Europ ean Atomic 
Energy Community (OJ L 29, 31.1.2020, p. 7), the Commission continues to be competent to apply 
Union law as regards the United Kingdom for administrative procedures which were initiated before the 
end of the transition period.  
3  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
4  Publication in the Official Journal of the European Union No C 447, 23.12.2020 , p. 17. 

2  for Maderas Arauco: manufacture and sale of wood and forest products, namely 
fiberboard panels, plywood and sawn timber, as well as operation of sawmills in 
Chile, Argentina, Brazil, the United States, Canada and Mexico , 
 for E2E: development, manufacture, assembly, installation of 2D panelized or 3D 
modular units . 
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 procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .5 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose t he 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  
                                                 
5  OJ C 366, 14.12.2013, p. 5 .