CELEX: 32016M8187
Language: en
Date: 2016-10-26 00:00:00
Title: Commission Decision of 26/10/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.8187 - AXCEL IV / PFA / PKA / DSF) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 26.10.2016
                                        C(2016) 7018 final

                                        [pic][pic]

                                        To the notifying parties:

Dear Sirs,

Subject:    Case M. 8187 - AXCEL IV / PFA / PKA / DSF
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

 1. On 29.09.2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger  Regulation  by
    which Axcel IV K/S, IV K/S 2, Ax Management Invest II K/S, Ax Management Invest K/S (Denmark,  jointly  referred  to  as  “Axcel  IV”),  PFA
    Pension, Forsikringsaktieselskab (Denmark, “PFA”) and the PKA Funds (Denmark)  acquire within the meaning of Article 3(1)(b) of  the  Merger
    Regulation joint control of the whole of Danmarks Skibskredit A/S (Danish Ship Finance, Denmark, “DSF”) by way of purchase of shares.[3]

 2. The business activities of the undertakings concerned are:

  – Axcel IV is part of Axcel, which is a private equity fund with a particular focus on medium-sized companies in  the  Nordics.  It  currently
    owns seven companies, active in a number of different sectors. Its investments are held via four investment funds.

  – PFA is the largest commercial pension company in Denmark, and provides pension and life insurance services  to  employees  of  some  of  the
    largest Danish firms.

  – The PKA Funds are three separate pension funds (for different groups of professions)  that  operate  in  cooperation.  They  are  among  the
    largest pension service providers for labour market pension funds in Denmark.

  – DSF provides loans to shipping companies secured by ship mortgages both in Denmark and internationally.

 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(c) 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)
                                        Johannes LAITENBERGER
                                        Director-General

                                        -----------------------
[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 367, 06.10.2016, p. 4.
[4]   OJ C 366, 14.12.2013, p. 5.

-----------------------
                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE