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RREEF FUND / UFG / SAGGAS
M.5601
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Disclaimer :
The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.
SECTION 1.2
Description of the concentration
On 26 August 2009, the European Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No. 139/2004, by which RREEF PAN-EUROPEAN INFRASTRUCTURE FUND, LP (“RREEF FUND”), which is ultimately managed by Deutsche Bank, on the one hand, and UNION FENOSA GAS, S.A. (“UFG”) on the other will acquire joint control over PLANTA DE REGASIFICACIÓN DE SAGUNTO, S.A. (“SAGGAS”).
SAGGAS is currently under the joint control of UFG (50%) through its holding company, INFRAESTRUCTURAS DE GAS, S.A. (“INF”), and IBERDROLA S.A. (“IBERDROLA”) and ENDESA GENERACIÓN S.A. (“ENDESA”) (50%), through their holding company INICIATIVAS DE GAS, S.L. (“IG”).
By means of this transaction, RREEF FUND replaces IBERDROLA/ENDESA in the already joint controlled company, SAGGAS, through the acquisition of IG. The position of UFG as a controlling joint shareholder in SAGGAS is not affected by this Transaction.
SAGGAS’s main business is the development, promotion, construction, operation and maintenance of a liquefied natural gas regasification plant located in Sagunto, Spain.
RREEF FUND is a €2.1 billion private equity infrastructure fund for third party investors, including a number of large pension funds and insurance companies. RREEF FUND is managed by RREEF LIMITED, a subsidiary of Deutsche Bank.
UFG is a joint venture whose shareholding is divided on a 50:50 basis between ENI S.p.A and Unión Fenosa S.A. (recently acquired by Gas Natural SDG, S.A.). UFG is active in the gas sector where it carries out activities relating to the supply of gas to undertakings and individuals.