CELEX: 32017M8681
Language: en
Date: 2017-12-05 00:00:00
Title: Commission Decision of 05/12/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8681 - ENDOWMENT STRATEGIES / BENVIC EUROPE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 5.12.2017
                                                                C(2017) 8437 final
                                                                        PUBLIC VERSION
                                                                To the notifying party:
Subject:        Case M.8681 - ENDOWMENT STRATEGIES / BENVIC EUROPE
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 13 November 2017, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Endowment
        Strategies S.a.r.l. (“Endowment Strategies”, Luxembourg), belonging to the
        Investindustrial Group (“Investindustrial”, Luxembourg), acquires within the meaning of
        Article 3(1)(b) of the Merger Regulation control over the business of Benvic entities in
        Belgium, France, Germany, Italy and Spain. (“Benvic Europe”), by way of purchase of
        shares.3
2.      The business activities of the undertakings concerned are:
             Endowment Strategies: a Luxembourg based multi-compartment investment Limited
              company with variable capital, controlled by Investindustrial;
             Investindustrial: investment group focussing on acquiring control of small to medium
              size companies in a variety of industrial sectors;
             Benvic Europe: entities mainly active in the market for PVC compounds, being a
              developer, producer and seller of premix/dry blends, compounds and alloys in
              Belgium, France, Germany, Italy and Spain respectively.
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
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 391, 18.11.2017, p. 5.
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---    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
4  OJ C 366, 14.12.2013, p. 5.
                                                 2