CELEX: 32015M7665
Language: en
Date: 2015-07-03 00:00:00
Title: Commission Decision of 03/07/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7665 - CASTLETON / MORGAN STANLEY GLOBAL OIL MERCHANTING UNIT) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 3.7.2015
                                        C(2015) 4670 final

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|To the notifying party:                                                |                                                                       |

Dear Sirs,

Subject:    Case M.7665 – CASTLETON/ MORGAN STANLEY GLOBAL OIL MERCHANTING UNIT
         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 05.06.2015, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger  Regulation  by
    which by which Castleton Commodities International LLC ("Castleton", USA) acquires within the meaning  of  Article  3(1)(b)  of  the  Merger
    Regulation sole control of parts of Morgan Stanley (USA), namely the Morgan Stanley Global Oil  Merchanting  Unit  by  way  of  purchase  of
    shares.[3]

 2. The business activities of the undertakings concerned are:

  – Castleton is a global commodities trader active principally in physical and financial energy commodities trading.  It  trades  natural  gas,
    natural gas liquids, crude oil, petroleum, electricity, coal and financial instruments related to energy commodities.

  – The Global Oil Merchanting unit of Morgan Stanley is active in the global trading of crude oil and petroleum products.

 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),
                                        Alexander ITALIANER
                                        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 197, 13.06.2015, p. 3.
[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE