CELEX: 32018M9116
Language: en
Date: 2018-10-08 00:00:00
Title: Commission Decision of 08/10/2018 declaring a concentration to be compatible with the common market (Case No COMP/M.9116 - Morgan Stanley Bank AG / VTG) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 8.10.2018
                                                                C(2018) 6696 final
                                                                     PUBLIC VERSION
                                                                To the notifying party:
Subject:         Case M.9116 – Morgan Stanley/VTG
                 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 September 2018, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Warwick Holding
        GmbH ("Warwick Holding", Germany), controlled by Morgan Stanley (United States of
        America), acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole
        control over the whole of VTG Aktiengesellschaft ("VTG", Germany), by way of public
        bid announced on 16 July 2018.3
2.      The business activities of the undertakings concerned are:
        −     for Warwick Holding: indirectly, wholly owned subsidiary of funds advised by
              Morgan Stanley Infrastructure. Morgan Stanley is a leading global financial services
              firm providing a wide range of investment banking, securities, wealth management
              and investment management services,
        −     for VTG: provider of wagon hire and rail logistics services with a fleet of some 83 000
              rail freight wagons, as well as of multimodal logistics services, focusing on rail
              transport and global tank container transport.
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
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 342, 25.09.2018, p. 6.
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.
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