The European Commission (EC) has cleared the proposed acquisition of joint control of Porterbrook Leasing Company Limited and its subsidiaries (Porterbrook) of the UK by OP Trust Private Markets Group (OP Trust) of Canada, Deutsche Bank AG (DB) of Germany, Lloyds TSB Bank plc of the UK and Antin Infrastructure Partners FCPR, a UK investment fund controlled by BNP Paribas SA (BNP) of France. The EC concluded that the proposed operation would not significantly impede effective competition in the European Economic Area (EEA) or in any substantial part of it.

• Porterbrook is one of the three major British rolling stock leasing companies, which supply railway rolling stock and associated equipment to British passenger train operating companies and freight companies under operating leases. Through a number of wholly-owned subsidiaries, Porterbrook owns, leases and provides maintenance to its railway rolling stock fleet. It is not active outside Great Britain.
• OP Trust administers one of Canada's largest pension plans.
• DB, Lloyds and BNP are global providers of banking and financial services.

The joint acquisition of Porterbrook by DB, Lloyds and BNP was already authorised by the Commission on 1 December 2008.

Through the proposed transaction, OP Trust would also acquire joint control over Porterbrook.

The Commission’s investigation revealed that OP Trust is not active in the same market as Porterbrook or in any rail industry or wider asset leasing industry in Europe and that it has no economic activity in the EU. The Commission therefore concluded that the proposed transaction would not raise competition concerns.