Case No COMP/M.4053 - MORGAN STANLEY / AM DEVELOPMENT

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 12/01/2006

In electronic form on the EUR-Lex website under document number 32006M4053

Office for Official Publications of the European Communities L-2985 Luxembourg

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 12.01.2006

SG-Greffe(2006) D/200113

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

PUBLIC VERSION

To the notifying party

Dear Madam/Dear Sir,

Subject: Case No. COMP/M.4053 ñ Morgan Stanley/AM Development Notification of 06.12.2005 pursuant to Article 4 of Council Regulation (EC) No. 139/2004 Publication in the Official Journal of the European Union No. C318, 14.12.2005, p.4

1.On 06.12.2005, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No. 139/2004 by which the undertaking MSREF V International Fund belonging to the Morgan Stanley Group (ìMorgan Stanleyî, UK) acquires within the meaning of Article 3(1)(b) of the Council Regulation control of AM Development B.V. (ìAM Developmentî, Netherlands) part of the undertaking AM N.V. (ìAMî, Netherlands) by way of purchase of shares.

1OJ L 24, 29.1.2004 p. 1

Commission europÈenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel - Belgium. Telephone: (32-2) 299 11 11.

2.The business activities of the undertakings concerned are :

-- for undertaking Morgan Stanley : global financial services including investment banking, sales, trading, financing and private equity,

-- for undertaking AM Development : office and retail development.

3.After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EC) No. 139/2004 and of paragraph 5, subparagraph c, of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No. 139/2004.

4.For the reasons set out in the Notice on a simplified procedure, the Commission has decided not to oppose the notified operation and to declare it compatible with the common market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of Council Regulation (EC) No. 139/2004.

For the Commission signed Neelie KROES Member of the Commission

2OJ C 56, 05.3.2005 p.32

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