CELEX: 32019M9523
Language: en
Date: 2019-09-24 00:00:00
Title: Commission Decision of 24/09/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9523 - Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München / DIF Management B.V. / Green Investment Group Limited / Covanta Holding Corporation) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 24.09.2019
                                                                C(2019) 6976 final
                                                                                   PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9523 – MUNICH RE / DIF / GREEN INVESTMENT GROUP /
                COVANTA / DUBLIN WASTE-TO-ENERGY FACILITY
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1
                No 139/2004 and Article 57 of the Agreement on the European Economic
                      2
                Area
Dear Sir or Madam,
1.      On 2 September 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which MR
        Infrastructure Investment GmbH (“MRII”, Germany), a wholly-owned subsidiary of
        Münchner Rückversicherungs-Gesellschaft Aktiengesellschaft in München (“Munich
        Re”, Germany), DIF Infrastructure V Cooperatief U.A. (“DIF Infrastructure V”, the
        Netherlands), a fund controlled by DIF Management Holding B.V. (“DIF”, the
        Netherlands), Green Investment Group Limited (“GIG”, UK), ultimately controlled by
        the Macquarie Group (“Macquarie”, Australia), and Covanta Holding Corporation
        (“Covanta”, USA) acquire, within the meaning of Articles 3(1)(b) and 3(4) of the
        Merger Regulation, joint control of Covanta Europe Assets Limited and its subsidiaries
        (“AssetCo”, UK) by way of purchase of shares.3 AssetCo ultimately holds the waste to
        energy business comprising the Dublin Waste-to-Energy facility (“DWTE”, Ireland)
        and is currently jointly owned and controlled by DIF, GIG and Covanta.
2.      The business activities of the undertakings concerned are:
        −    MRII holds generally non-controlling, minority interests in various infrastructure
             companies. Munich Re operates primarily in the reinsurance and insurance sectors,
        −    DIF Infrastructure V is an infrastructure investment fund. DIF is an independent
             fund management company, whose funds invest in high-quality infrastructure assets
             including public-private partnerships, regulated assets, renewable energy projects,
             and core infrastructure projects,
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 307, 11.9.2019, p.7.
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.
 ---pagebreak---    −    GIG specialises in green infrastructure principal investment, project delivery and
        portfolio assets management and related services. Macquarie is a global diversified
        financial group which provides asset management, banking, financial, advisory and
        risk and capital solutions, as well as investment and fund management services,
   −    Covanta is primarily involved in the waste disposal and energy sectors, and its core
        business involves owning and operating infrastructure for the conversion of waste
        to energy,
   −    AssetCo and its subsidiaries hold the waste to energy business comprising the
        DWTE facility located at Poolbeg in Dublin. DWTE is active in the disposal of
        waste and electricity generation and the sale of electricity in Ireland.
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)
                                                     Cecilio MADERO VILLAREJO
                                                     Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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