The EU says yes to Hartree taking Touton's coffee (and cocoa)
Brussels has given the green light to the deal between the US and French companies: no competition concerns.
The European Commission has approved the acquisition of sole control of the French company Touton by the U.S.-based Hartree Partners Holdings. The transaction involves the trading of "soft commodities," including coffee, cocoa, vanilla, and spices.
According to the Commission's statement, the proposed transaction is "implemented by way of a Share Purchase Agreement relating to the acquisition of 100% of the shares of Touton SA, France, by Hartree Partners Holdings, USA," which is indirectly jointly controlled by Oaktree Capital Group Holdings GP, LLC, USA, and Brookfield Corporation, Canada.
The company will therefore "acquire sole control of Touton within the meaning of Article 3(1)(b) of the EU Raw Materials Regulation. 2. The transaction meets the turnover criteria set out in Article 1(2) of the EU Raw Materials Regulation."
According to the EU Commission, "the transaction does not raise competition concerns as there are limited horizontal overlaps and vertical links between the group acquiring Hartree and Touton." In practice, the transaction does not raise competition concerns, given the limited market position the companies would occupy following the transaction.
Hartree, the Brussels statement explains, is a global commodities trading firm specializing in energy, raw materials, and financial markets, including energy, metals, renewables, and securities.
Touton is a global soft commodities trading company specializing in agribusiness, including coffee, cocoa, vanilla, and spices and ingredients.
According to the Commission's statement, the proposed transaction is "implemented by way of a Share Purchase Agreement relating to the acquisition of 100% of the shares of Touton SA, France, by Hartree Partners Holdings, USA," which is indirectly jointly controlled by Oaktree Capital Group Holdings GP, LLC, USA, and Brookfield Corporation, Canada.
The company will therefore "acquire sole control of Touton within the meaning of Article 3(1)(b) of the EU Raw Materials Regulation. 2. The transaction meets the turnover criteria set out in Article 1(2) of the EU Raw Materials Regulation."
According to the EU Commission, "the transaction does not raise competition concerns as there are limited horizontal overlaps and vertical links between the group acquiring Hartree and Touton." In practice, the transaction does not raise competition concerns, given the limited market position the companies would occupy following the transaction.
Hartree, the Brussels statement explains, is a global commodities trading firm specializing in energy, raw materials, and financial markets, including energy, metals, renewables, and securities.
Touton is a global soft commodities trading company specializing in agribusiness, including coffee, cocoa, vanilla, and spices and ingredients.
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EFA News - European Food Agency
EFA News - European Food Agency