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Case No COMP/M.5874 - BARCLAYS/ BLACKSTONE/ PORTFOLIO HOTELS

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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 21/05/2010

In electronic form on the EUR-Lex website under document number 32010M5874

Office for Publications of the European Union L-2985 Luxembourg

EUROPEAN COMMISSION

Brussels, 21.5.2010 SG-Greffe(2010) D/7131/7132 C(2010) 3344

PUBLIC VERSION

SIMPLIFIED PROCEDURE

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

To the notifying parties:

Dear Madam(s) and/or Sir(s),

Subject: Case No COMP/M.5874 - Barclays/ Blackstone/ PORTFOLIO HOTELS Notification of 21.04.2010 pursuant to Article 4 of Council Regulation (EC) No 139/2004 Publication in the Official Journal of the European Union No C 110, 29.04.2010, p. 7

1.On 21 April 2010, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which the undertakings Barclays Bank PLC ("Barclays", UK) and Hilton Hotels Corporation ("Hilton", UK), which is controlled by the Blackstone Group ("Blackstone", USA") acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control over a portfolio of 8 European hotels (the Portfolio Hotels). The Portfolio Hotels are currently jointly controlled by Morgan Stanley Real Estate Fund VI International-T, L.P. ("MSRF", USA) and Hilton.

The business activities of the undertakings concerned are:

-- for Barclays: global financial service provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services;

1OJ 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.

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

-- for Blackstone: global alternative asset manager and provider of financial advisory services;

-- for the Portfolio Hotels: provision of hotel accommodation services in five Member States and Switzerland.

2.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, subparagraph b, of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 .

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.

For the European Commission, (signed) Alexander ITALIANER Director General

2OJ C 56, 5.3.2005, p. 32.

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