Mergers: EU Commission clears acquisition of joint control of Astoria I and II by APG, CalSTRS and Munich Re

The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Astoria Project Partners LLC (“Astoria I”) and Astoria Project Partners II LLC (“Astoria II”), both of the U.S., by a consortium consisting of California State Teachers Retirement System (“CalSTRS”) also of the U.S., Stichting Pensionfonds ABP (“APG”) of the Netherlands and Münchener Rückversicherungs Gesellschaft Aktiengesellschaft (“Munich Re”) of Germany.

Astoria I and II’s sole business activities relate to the holding of two gas fueled, combined-cycle power plants, located in New York, U.S. CalSTRS is a passive equity investor providing retirement, disability and survivor benefits to California’s public school educators.

APG provides financial services such as executive consultancy, asset management, pension administration, pension communication and employers services on behalf of pension funds and employers in a variety of sectors.

Munich Re is an international insurance company covering the entire value chain of reinsurance, primary insurance and insurance-ancillary risk solutions.

The Commission concluded that the proposed acquisition would raise no competition concerns given that Astoria I and II have no actual or foreseen activities within the European Economic Area. The operation was examined under the simplified merger review procedure.

Arianna Podesta –