Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 16/12/2008

In electronic form on the EUR-Lex website under document number 32008M5400

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

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 16/12/2008

SG-Greffe(2008) D/208268

C(2008)8724

PUBLIC VERSION

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

To the notifying parties:

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

Subject: Case No. COMP/M.5400 - LCR/ EXEL/ ARGENT Notification of 17.11.2008 pursuant to Article 4 of Council Regulation (EC) No. 139/2004 Publication in the Official Journal of the European Union No. C 303 of 26.11.2008, p. 8.

1.On 17.11.2008, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004, by which the undertakings KXC (LCR) GP Investment Limited ("LCR", United Kingdom), KXC ("EXEL") GP Investment Limited ("Exel", United Kingdom) and Argent King's Cross Nominee Limited ("Argent", United Kingdom) acquire within the meaning of Article 3(1)(b) of the Council Regulation, joint control of a newly created undertaking.

1OJ L 24, 29.1.2004 p. 1.

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

The business activities of the undertakings concerned are:

-- for LCR:

international railway services

-- for Exel:

logistics, warehousing, distribution and managed transportation.

-- for Argent:

fund management and related activities, including real estate investment and development, lettings and management.

2.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 (c) 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 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) Philip LOWE Director General

2OJ C 56, 05.3.2005 p. 32.

2