CELEX: 32019M9453
Language: en
Date: 2019-10-11 00:00:00
Title: Commission Decision of 11/10/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9453 - PHILLIPS 66 / FORTRESS INVESTMENT GROUP / UNITED PACIFIC) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 11.10.2019
                                                                C(2019) 7416 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9453 – PHILLIPS 66 / FORTRESS INVESTMENT GROUP /
                UNITED PACIFIC
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 19 September 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings Phillips 66 (USA) and Fortress Investment Group LLC (“Fortress”,
        USA), controlled by SoftBank Group Corp. (“Softbank”, Japan), acquire within the
        meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control
        over the whole of the undertaking CF United LLC (“United Pacific”, USA), controlled
        by Fortress, by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             For Phillips 66: multinational energy company with a portfolio of integrated
              midstream, chemicals, refining and marketing businesses. Phillips 66 processes,
              transports, stores and markets fuels and products globally,
             For Fortress: alternative investment and asset management firm. Fortress manages
              capital for a diverse group of investors including pension funds, endowments and
              foundations, financial institutions, funds of funds and high net worth individuals,
             For United Pacific: independent owner and operator of fuel stations and
              convenience stores in the West Coast of the U.S., selling motor fuel and daily
              consumer goods.
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 323, 27.9.2019, p. 102.
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--- 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 139/2004.4
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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