CELEX: 32021M10315
Language: en
Date: 2021-06-30 00:00:00
Title: Commission Decision of 30/06/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10315 - BCI / ABP / TIG / JV / CERTAIN ASSETS OF ARAUCO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                               Brussels, 30.6.2021
                                                               C(2021) 5007 final
                                                                               PUBLIC VERSION
                                                               British Columbia Investment
                                                               Management Corporation
                                                               750 Pandora Ave
                                                               Victoria, British Columbia, V8W 0E4
                                                               Canada
                                                               Stichting Pensioenfonds ABP
                                                               Coriovallumstraat 46
                                                               6411 CD Heerlen
                                                               The Netherlands
                                                               BTG Pactual Timberland Investment
                                                               Group, LLC
                                                               1180 Peachtree Street NE, Suite 1810
                                                               Atlanta, GA 30309
                                                               United States of America
Subject:        Case M.10315 – BCI / ABP / TIG / JV / CERTAIN ASSETS OF ARAUCO
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                Economic Area2
Dear Sir or Madam,
1.      On 04 June 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which British
        Columbia Investment Management Corporation (‘BCI’, Canada), Stichting
        Pensioenfonds ABP (‘ABP’, the Netherlands), Timberland Investment Group, LLC
        (‘TIG’), controlled by Banco BTG Pactual S.A. (‘BTG Pactual’, Brazil), acquire,
        through their respective interests in BTG Pactual Inversiones Forestales Fondo de
        Inversión (‘Newco’, Chile), assets comprising approximately 80,000 hectares of
        timberlands in the Chilean regions of Maule, Araucanía and Los Lagos (the ‘Target’,
        Chile). BCI, ABP and TIG acquire joint control of the whole of the Target within the
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’).
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---    meaning of Article 3(1)(b) and 3(4) of the Merger Regulation. The concentration is
   accomplished by way of purchase of assets and the creation of Newco to acquire and
   exploit those assets.3
2. The business activities of the undertakings concerned are:
       BCI: investor across a range of asset classes, including fixed income, public
        equities, private equity, infrastructure, renewable resources, real estate and
        commercial mortgages.
       ABP: pension fund for government and education employees in the Netherlands.
       TIG: timberland investments management organisation.
       Newco: a new Chilean public investment fund jointly controlled by BCI, APB
        and TIG, created for the purpose of acquiring and exploiting the Target.
       Target: the Target comprises 80,000 hectares of timberlands in the Chilean
        regions of Maule, Araucanía and Los Lagos.
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
3  Publication in the Official Journal of the European Union No C 236, 18.6.2021, p. 10.
4  OJ C 366, 14.12.2013, p. 5.
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