CELEX: 32017M8463
Language: en
Date: 2017-05-03 00:00:00
Title: Commission Decision of 03/05/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8463 - CPPIB / PSPIB / WAIHEKE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                     
                  
               
               Brussels, 3.5.2017
            
            
               C(2017) 3069 final
               
            
                     
                        PUBLIC VERSION
                     
                  
               
               To the notifying parties
            
            
               Subject:Case M.8463 - CPPIB / PSPIB / WAIHEKE
                  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
                
            
            
               Dear Sir or Madam,
            
            
               1.On 03 April 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Canada Pension Plan Investment Board ('CPPIB', Canada) and Public Sector Pension Investment Board ('PSPIB', Canada), will indirectly acquire, by way of purchase of shares, joint control within the meaning of Article 3(1)(b) of the Merger Regulation, of PSPIB Waiheke Inc. ('Waiheke', New Zealand).
                  3
               
            
            
               2.The business activities of the undertakings concerned are:
            
            
               -for CPPIB: investing the funds of the Canada Pension Plan and is based in Toronto. CPPIB principally invests in public equities, private equities, real estate, infrastructure and fixed income investments;
            
            
               -for PSPIB: investing of net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. PSPIB manages a diversified global portfolio including stocks, bonds and other fixed-income securities, and investments in private equity, real estate, infrastructure, natural resources and private debt;
            
            
               -for Waiheke: managing a diversified portfolio of office and retail properties in New Zealand. Waiheke is currently fully owned and solely controlled by PSPIB.
            
            
               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) and (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)
               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 111, 08.04.2017, p. 16.
               
               
                  
                     (4)
                  
                  
                      
                           OJ C 366, 14.12.2013, p. 5.