CELEX: 32021M10305
Language: en
Date: 2021-08-02 00:00:00
Title: Commission Decision of 02/08/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10305 - CDPQ / DWS / ERMEWA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 2.8.2021
                                                                 C(2021) 5876 final
                                                                                 PUBLIC VERSION
                                                                 Caisse de dépôt et placement du
                                                                 Québec
                                                                 1000, place Jean-Paul Riopelle
                                                                 H2Z 2B3 Montréal
                                                                 Canada
                                                                 DWS Alternatives Global Limited
                                                                 Winchester House, 1 Great Winchester
                                                                 Street
                                                                 EC2N 2DB London
                                                                 United Kingdom
Subject:        Case M.10305 – CDPQ / DWS / ERMEWA
                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 28 June 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the Caisse de
        dépôt et placement du Québec (‘‘CDPQ’’, Canada) and DWS Alternatives Global
        Limited (“DWS”, UK) ultimately controlled by Deutsche Bank AG (“DB”, Germany),
        acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control
        over the whole of the undertaking Ermewa Holding SAS (“Ermewa”, France),
        belonging to the SNCF Group (France), by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             CDPQ: global long-term institutional investor managing funds primarily on
              behalf of public and para-public pension and insurance plans. CDPQ invests these
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 262, 5.7.2021, p. 18-19.
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---         funds in financial markets, private equity, fixed income, infrastructure and real
        estate;
       DWS: asset management company with a wide investment portfolio, including
        investments in infrastructure assets in Europe;
       Ermewa: transport asset management group active in the leasing of freight
        railcars in Europe and the leasing of tank containers globally, including in
        Europe. Ermewa owns five workshops in France and three workshops in
        Germany providing services for the maintenance, construction and repair of
        freight railcars. Ermewa is also active in the maintenance, repair and storage of
        tank containers and tank trailers through a subsidiary located in the Netherlands.
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 139/2004.4
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
4  OJ C 366, 14.12.2013, p. 5.
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