CELEX: 32021M10397
Language: en
Date: 2021-09-27 00:00:00
Title: Commission Decision of 27/09/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10397 - TECPETROL / OAKTREE / LITORAL GAS / ECS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 27.9.2021
                                                                C(2021) 7103 final
                                                                                 PUBLIC VERSION
                                                                Tecpetrol Internacional S.L.U.
                                                                Calle Recoletos 23, 3e A y B
                                                                28001 Madrid
                                                                Spain
                                                                Oaktree Capital Group, LLC
                                                                333 South Grand Ave, 28th Floor
                                                                Los Angeles CA 90071
                                                                United States of America
Subject:        Case M.10397 – Tecpetrol/Oaktree/Litoral Gas/ECS
                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 2 September 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Tecpetrol
        Internacional S.L.U. (“Tecpetrol”, Spain) and Oaktree Capital Group, LLC
        (“Oaktree”, U.S.A.) intend to acquire within the meaning of Articles 3(1)(b) and 3(4)
        of the Merger Regulation joint control over Litoral Gas S.A. (“Litoral Gas”,
        Argentina) and Energy Consulting Services S.A (“ECS”, Argentina) by way of
        purchase of shares.3
2.      The business activities of the undertakings concerned are:
        −     for Tecpetrol: the exploration, production, transportation and distribution of
              hydrocarbons, as well as power generation, in several Latin American countries,
        −     for Oaktree: global alternative and non-traditional investment fund management,
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 (the ‘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 365, 10.9.2021, p. 15.
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---    −   for Litoral Gas: distribution of gas in Argentina,
   −   for ECS: gas commercialisation services.
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)
                                                   Olivier GUERSENT
                                                   Director-General
4  OJ C 366, 14.12.2013, p. 5.
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