CELEX: 32019M9611
Language: en
Date: 2019-11-27 00:00:00
Title: Commission Decision of 27/11/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9611 - PAVILION ENERGY / IBERDROLA GROUP (EUROPEAN LNG ASSET PORTFOLIO)) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 27.11.2019
                                                                C(2019) 8717 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9611 – Pavilion Energy/Iberdrola Group (European LNG Asset
                Portfolio)
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 5 November 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertaking Pavilion Energy Pte. Ltd. (Singapore), controlled by Temasek Holdings
        Private Limited (Singapore) acquires within the meaning of Article 3(1)(b) of the
        Merger Regulation control of Iberdrola’s European LNG Asset Portfolio (Spain) by
        way of purchase of assets.3
2.      The business activities of the undertakings concerned are:
             Pavilion Energy is a Singapore-based integrated global LNG player active in the
              LNG trading as well as storage, processing and shipping. It is wholly-owned by
              Temasek, an investment company.
             European LNG Asset Portfolio comprises a range of LNG assets including a
              portfolio of long-term LNG sale and procurement contracts, as well as various
              ancillary contracts over regasification capacity in the UK and Spain, pipeline
              capacity at the Spanish-French border as well as the time-charter of a newly built
              MEGI LNG vessel.
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 386, 14.11.2019, p. 32.
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--- 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 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)
                                                  Cecilio MADERO VILLAREJO
                                                  Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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