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, 21.3.2022  
C(2022 ) 1847 final  
PUBLIC VERSION  
Archer Daniels Midland Singapore, 
Pte. Ltd.  
230 Victoria Street, #11 -08 
Bugis Junction  
Singapore  188024  
 
Clyde Investments Pte. Ltd.  
60B Orchard Road, #06 -18  
The Atrium@Orchard  
Singapore  238891  
Subject : Case M. 10610 –  ARCHER DANIELS MIDLAND SINGAPORE / CLYDE 
INVESTMENTS  
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 21 February 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Archer Daniels 
Midland Singapore Pte. Ltd. (‘ADM Singapore’, Singapore),  controlled by Archer 
Daniels Midland Company (‘ADM Group’, USA) , and Clyde Investments (‘Clyde 
Investments’, Singapore) , controlled by Temasek Holdings (Private) Limited 
(‘Temasek’, Singapore ) , will acquire within the meaning of Article 3(1)(b) and 3(4) 
of the Merger Regulation  joint control of the JV . The concentration  is accomplished 
by way of subscription of shares in a newly created company constituting a joint 
venture .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 102, 2.3.2022, p. 15. 

 
2 
 2. The business activities of the undertakings concerned are:  
 ADM Singapore is active in the food and nutrition sectors in Asia. ADM 
Singapore is part of ADM Group which is active in a broad range of activities 
including the processing of oilseeds, corn, sugar, wheat and other agricultural 
commodities and in the manufacture of vegetable oils and other value added food 
and feed ingredients and additives a t global level , 
 Clyde Investments is active in the contract manufacturing of plant -based protein 
products in Asia. It is a subsidiary of Temasek, an investment company active in 
broad spectrum of industries at global level including life sciences & agri -food. 
3. The JV , whose name will be agreed between ADM Singapore and Clyde Investments, 
is a greenfield full -function joint venture to be set up in Singapore to provide contract 
development and manufacturing organization services for microbial fermentation 
solution and microbial ingredients for food applications and related consultancy 
services in Singapore . 
4. 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 s 5(a) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
5. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has deci ded 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 Comm ission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .