CELEX: 32020M9979
Language: en
Date: 2020-10-27 00:00:00
Title: Commission Decision of 27/10/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9979 - BROOKFIELD / SIMON / JCPENNEY) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 27.10.2020
                                                                C(2020) 7546 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9979 — Brookfield/Simon/JCPenney
                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 5 October 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Brookfield
        Asset Management Inc. (‘Brookfield’, Canada) and Simon Property Group, Inc.
        (‘Simon’, United States) acquire within the meaning of Article 3(1)(b) of the Merger
        Regulation joint control of J.C. Penney Company Inc. (‘JCPenney’, United States) by
        way of purchase of assets by a newly created company controlled jointly by
        Brookfield and Simon.3
2.      The business activities of the undertakings concerned are:
             for Brookfield: global asset management including a range of public and private
              investment products and services focusing on real estate, infrastructure,
              renewable power and private equity,
             for Simon: real estate investment including ownership, development and
              management of premier shopping, dining, entertainment and mixed-use
              destinations consisting primarily of malls, Premium Outlets®, and The Mills®,
             for JCPenney: retail of family apparel, footwear, accessories, fine and fashion
              jewellery, beauty products and home furnishings through its U.S.-based
              department stores and website, as well as supply of a range of services from its
              department stores.
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 340, 13.10.2020, p. 9.
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)
                                                  Olivier GUERSENT
                                                  Director-General
4  OJ C 366, 14.12.2013, p. 5.
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