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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 indirect acquirer: The company “Mercuria Energy Group Limited”;
- The direct acquirer: A company to be established in the United Arab Emirates.
- The targets: Certain subsidiaries of the company “Tata International Limited”:
- The company “Tata International Metals (Asia) Limited”;
- The company “Tata International Metals (Americas) Limited”;
- The company “Tata International West Asia DMCC”;
- The company “META India”;
- The company “META Singapore”
Nature of the operation
- Exclusive control acquisition.
Economic sectors concerned
- Trading sector of refined petroleum products.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e. May 18, 2026.
NON-CONFIDENTIAL SUMMARY PROVIDED BY THE PARTIES
The Competition Council has received notification of a project for an economic concentration operation concerning the acquisition by the company “Mercuria Energy Group Limited” of indirect exclusive control of certain subsidiaries of the company “Tata International Limited” through the acquisition of all their share capital and related voting rights.
“Mercuria Energy Group Limited” is a limited liability company under Bermudian law, registered under number 202404088, with its registered office at: Clarendon House, 2 Church Street, Hamilton, Bermuda, HM11. It is active in the energy and raw materials sector, mainly in activities related to trading in energy products, including crude oil and other petroleum products as well as biodiesel, natural gas, electricity, carbon emission rights, coal, and, to a lesser extent, base metals and petrochemical products. In the national market, this company is present through its subsidiary “Minerva Bunkering Morocco Sarl AU”, which provides physical bunkering services, consisting of supplying marine fuels to ships operating in Moroccan ports and anchorage areas.
The direct acquirer is a company that will be jointly established by the companies “Mercuria Energy Group Limited” and “Tata International Limited” in the United Arab Emirates and will be tax resident there. It will be exclusively controlled by the company “Mercuria Energy Group Limited” and will proceed with the acquisition of five subsidiaries of the company “Tata International Limited”. It will mainly engage in trading activities of raw materials, including steel, agricultural products, dry bulk products, oil and gas, metals and environmental products, as well as any other raw material that may be determined by said company from time to time.
“Tata International Limited” is a public limited company under Indian law, registered under number 012528, with its registered office at 24th Floor, Vios Tower, New Cuffe Parade, Sewri–Chembur Road, Wadala, Mumbai 400037, India. Its main activities consist of global trade and distribution of metals and minerals (including steel products, ores as well as ferrous and non-ferrous metals), agricultural raw materials (including cereals, pulses, oilseeds, and sugar) and, to a lesser extent, energy and related raw materials.
“Tata International Metals (Asia) Limited” is a limited liability company under Hong Kong law, registered under number 1072221200010234, with its registered office at: Unit 2106-10, Devon House, 979 King’s Road, Quarry Bay, Hong Kong. Its main activities include the sale of metallurgical products, provision of agency services, and holding of interests.
“Tata International Metals (Americas) Limited” is a corporation under Delaware law (United States of America), registered under registration number 3870780. Its registered office is located at: 475 North Martingale Road, Suite 400, Schaumburg, Illinois 60173, USA. Its main activities include the sale and distribution of steel and metallurgical products (including associated freight services), mainly in North and South America.
“Tata International West Asia DMCC” is a limited liability company under the Dubai Multi Commodities Center (DMCC) law, registered under number DMCC20823. Its registered office is located at: DMCC Business Center, Jumeirah Lakes Towers, Dubai. Its main activities include international trading of basic steel and metallurgical products, crude palm oil and vegetable oils, cereals, grains and sugar, industrial chemicals, metallic minerals, coal, as well as petroleum and petrochemical products.
The companies “META India” and “META Singapore” will be established by the company “Tata International Limited” in India and Singapore, prior to the completion of the operation, to consolidate its trading activities of raw materials in these respective countries.
The target companies, as specified in the notification file, have no physical presence in the Moroccan market and engage in sales of steel products.
Done in Rabat, May 7, 2026.
