CELEX: 32013M7087
Language: en
Date: 2013-12-17 00:00:00
Title: Commission Decision of 17/12/2013 declaring a concentration to be compatible with the common market (Case No COMP/M.7087 - VITOL / CARLYLE / VARO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |
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                                       Brussels, 17.12.2013
                                       C(2013)9648 final

                                        |To the notifying parties                                           |                                                                                   |
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Dear Madam(s) and/or Sir(s),

Subject:    Case No COMP/M.7087 - VITOL/ CARLYLE/ VARO
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1]

1.    On 18/11/2013, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation  by
      which Funds managed by The Carlyle Group (“Carlyle”) from the USA acquire joint control within the meaning of Article 3(1)(b) of the Merger
      Regulation joint control over Varo Energy Holding SA (“Varo”) from Switzerland. Varo is currently and will continue to be  –  indirectly  –
      jointly controlled by Vitol Group B.V. (“Vitol Group”) from the Netherlands. In addition, as part of the present transaction, Varo  intends
      to acquire certain other companies from Vitol group in Germany.

2.    The business activities of the undertakings concerned are:

      -     Carlyle is a global alternative asset manager,  which  manages  funds  that  invest  globally  across  four  investment  disciplines:
           Corporate Private Equity (buyout and growth capital), Real Assets (real estate, infrastructure and energy), Global Market  Strategies
           (structured credit, mezzanine, distressed, hedge funds, and middle market debt) and Solutions (private equity fund of  funds  program
           and related co-investment and secondary activities);

      -     Vitol Refining Group is part of Vitol Group which is active in the trading of  commodities  and  financial  instruments  relating  in
           particular to oil and gas, operation of storage terminals and exploration and production of oil and gas;

      -     Varo operates a crude oil refinery in Switzerland and is active in the storage and  wholesale  marketing  of  petroleum  products  in
           Switzerland;

      -     Vitol Germany, currently controlled by Vitol, is mainly active in selling refined petroleum products of middle distillates;

      -     Petrotank, currently controlled by Vitol, is active in the operation of mineral oil products storage tank terminals in Germany.[2].

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) of the Commission Notice on a simplified procedure for treatment of  certain  concentrations  under
      Council Regulation (EC) No 139/2004[3].

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.

                                        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]   Publication in the Official Journal of the European Union No C 345, 26/11/2013, p.22.

[3]   OJ C 56, 5.3.2005, p. 32.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE