CELEX: 32016M7976
Language: en
Date: 2016-04-18 00:00:00
Title: Commission Decision of 18/04/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.7976 - DEUTSCHE ALTERNATIVE ASSET MANAGEMENT (GLOBAL) LIMITED / ERMEWA / AKIEM) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 18.04.2016
                                        C(2016) 2408 final

                                        [pic]

|To the notifying parties:                                              |                                                                       |

Dear Sirs,

Subject:    Case M.7976 – DEUTSCHE ALTERNATIVE ASSET MANAGEMENT (GLOBAL) LIMITED / ERMEWA / AKIEM
         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 18 March 2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the  Merger  Regulation
    by which the undertakings Deutsche Alternative Asset Management (Global) Ltd (‘DAAM Global’, United Kingdom), an affiliate of Deutsche  Bank
    AG (‘Deutsche Bank’, Germany), and Ermewa Holding SA (‘Ermewa’, France),  an  indirect  subsidiary  of  SNCF  Mobilités  (‘SNCF  Mobilités’,
    France), acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the undertaking Akiem Holding SAS (‘Akiem’,
    France), currently solely controlled by Ermewa, by way of purchase of shares.

 2. The business activities of the undertakings concerned are:

  –       for DAAM Global: investment management and fund management services. It is a wholly owned subsidiary of  Deutsche  Bank,  which  is  a
    global provider of financial services,

  –       for Ermewa: transport asset management, in particular leasing of locomotives, leasing of freight railcars in  Europe  and  leasing  of
    tank-containers and small containers globally. It is also active in France in the maintenance, construction and repair of  railcars.  Ermewa
    is an indirect subsidiary of SNCF Mobilités, a French industrial and commercial public-held company in  charge  of  railway  passengers  and
    freight transportation services,

  –       for Akiem: leasing of all types of locomotives, provision of third-party maintenance services for the  locomotives,  as  well  as  all
    associated services, and all technical, commercial or financial operations directly or indirectly related to these activities.[3]

 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) and (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

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[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 114, 31.03.2016, p. 10.

[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE