Press Release from the Competition Council regarding the economic concentration project concerning the acquisition by the company ‘Hartree Partners Holdings, LP’ of the exclusive control of the company ‘Touton SA’

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘operation summary’ below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: ‘Hartree Partners Holdings, LP’;
• The target: ‘Touton SA’.

Nature of the operation

• Acquisition of exclusive control.

Economic sectors concerned:

• Agro-industrial raw materials trading market.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. November 24, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration project concerning the exclusive control acquisition by the company ‘Hartree Partners Holdings, LP’ indirectly through ‘Hatree Bidco (UK) Limited’ of the exclusive control of the company ‘Touton SA’, through the acquisition of 100% of its shares and related voting rights.

‘Hatree Partners Holdings, LP’ is a limited partnership company (Delaware Limited Partnership) under American law, with its registered office at 251 Little Falls, New Castle Drive, Wilmington, DE 19808, United States of America (Delaware), registered under number 2730518 as an international company. It is active in raw materials trading, the energy sector, and financial markets (metals, renewable energies, etc.).

‘Hartree Bidco (UK) Limited’ is a private limited company under English and Welsh law, with its registered office at 2nd Floor Cardinal Place, 100 Victoria Street, London, United Kingdom, registered under number 16639051. It is an investment vehicle created for the needs of this operation.

‘Touton SA’ is a French public limited company, with its registered office at 1, rue René Magne, 33300 Bordeaux, France, registered with the Bordeaux Trade and Companies Register under number 389 422 320. The company operates in the agricultural raw materials trading market, particularly in the coffee, cocoa, vanilla, spices, and ingredients trade.

 

Done in Rabat, November 13, 2025