CELEX: 32022M10583
Language: en
Date: 2022-04-08 00:00:00
Title: Commission Decision of 08/04/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10583 - CPP INVESTMENTS / VOTORANTIM / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 8.4.2022
                                                                 C(2022) 2404 final
                                                                                 PUBLIC VERSION
                                                                 CPP Investments
                                                                 One Queen Street East
                                                                 Suite 2500
                                                                 Toronto, ON - M5C 2W5
                                                                 Canada
                                                                 Votorantim S.A.
                                                                 Rua Amauri, 255, 13º andar
                                                                 São Paulo/SP
                                                                 CEP: 01448-000
                                                                 Brazil
Subject:        Case M.10583 - CPP INVESTMENTS / VOTORANTIM / JV
                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 17 March 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which CPP
        Investments (Canada) and Votorantim S.A. (“Votorantim”, Brazil) will acquire within
        the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over
        the Joint Venture (“JV”, Brazil) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are the following:
             CPP Investments is an investment management organisation that invests the funds
              of the Canada Pension Plan Fund,
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 134, 25.3.2022, p. 38.
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---        Votorantim is active in a variety of business segments, including cement and
        concrete, mining and metallurgy, concentrated orange juice, chemical specialty
        markets, electric power generation and the financial sector.
3. The JV will invest in and/or develop (a) renewable greenfield projects and (b) new
   renewable energy opportunities, and will be active exclusively in Brazil.
4. 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
5. 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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