Prior notification of a concentration (Case M.12307 – TRAFIGURA / GM / LOS GUINDOS GENERACIÓN) – Candidate case for simplified procedure
Date: 2026-04-23
Institutions: Directorate-General for Competition, European Commission
Subjects: Chile, economic concentration, electrical energy, energy production, industrial infrastructure, logistics, merger control, power plant, primary product, renewable energy








C_202602409EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/2409


23.4.2026






Prior notification of a concentration
(Case M.12307 – TRAFIGURA / GM / LOS GUINDOS GENERACIÓN)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/2409)


1.   
On 14 April 2026, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Trafigura Group Pte. Ltd. (‘Trafigura’, Singapore), ultimately controlled by Farringford Foundation (Panama),










—


GM Projects SpA (‘GM’, Chile), ultimately jointly controlled by Électricité de France SA (France), and by AME Genera SpA (Chile),










—


Los Guindos Generación SpA (‘Target’, Chile), jointly controlled by GE Vernova Inc. (US) and TIG Energy SpA (Chile).




Trafigura and GM will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the Target.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


Trafigura is an independent commodity trader, specialised in the energy, minerals and metals markets. Trafigura has two main lines of business, namely physical commodity trading and related logistics including shipping and chartering, and various activities relating to industrial infrastructure,










—


GM is part of the Generadora Metropolitana group, a Chilean energy development group which was set up as a full-function joint venture between EDF and AME. GM operates several power plants and large-scale renewable energy projects,










—


The Target’s business consists of the operation of an open cycle diesel-fired peaking power plant in Chile.






3.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2), it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12307 – TRAFIGURA / GM / LOS GUINDOS GENERACIÓN
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2026/2409/oj
ISSN 1977-091X (electronic edition)