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

This notification concerns the following undertakings:

VTTI B.V. ("VTTI"), headquartered in Netherlands, which is jointly indirectly controlled by 1 Vitol Holding II S.A.and IFM Investors Pty Ltd in its capacity as advisor to the IFM Global Infrastructure Fund.

Snam S.p.A. ("Snam"), headquartered in Italy, which is indirectly controlled by Cassa Depositi e Prestiti S.p.A. ("CDP"). In turn, CDP is controlled by the Italian Government (namely, the Ministry of Economics and Finance).

Terminale GNL Adriatico S.r.l. ("ALNG"), headquartered in Italy, which is currently jointly controlled by ExxonMobil Italiana Gas S.r.l. ("EMIG") (c. 70.7%), an ExxonMobil subsidiary, and Qatar Terminal Limited ("QTL") (c. 22%), a QatarEnergy subsidiary. Snam currently has a non-controlling c. 7.3% shareholding.

The Transaction will lead to VTTI, through its indirectly wholly owned subsidiary VTTI LNG Italy S.p.A.,and Snam acquiring joint control of ALNG, within the meaning of Article 3(1), point (b) and Article 3(4) of the Merger Regulation. The Transaction is accomplished by means of the acquisition of EMIG's and QTL's shares in ALNG by VTTI (70%) and Snam (30%), Snam having exercised its pre-emption right to increase its non-controlling 7.3% shareholding.

The business activities of the undertakings concerned are:

for VTTI: owns, manages, operates and develops energy infrastructure assets globally. Its primary activity is owning and operating energy storage terminals for petrochemical and vegoil products at ports and harbours. VTTI has the objective to expand further into infrastructure related businesses needed long-term to support the energy transition;

for Snam: owns the main transmission system operator in Italy and has interests in companies active in gas transmission, regasification, and storage in Italy and other EU countries; and

for ALNG: owns and operates an LNG regasification terminal in the Adriatic Sea in the province of Rovigo, Italy

1 This includes Vitol Investment Partnership II Ltd, an investment vehicle sponsored and managed by Vitol.

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