European Commission Clears Hartree Acquisition of French Coffee and Cocoa Trader Touton

The European Commission has approved Hartree Partners Holdings LP's acquisition of Touton S.A., concluding in decision C(2026) 539 final (case M.12189 – HARTREE / TOUTON) that the deal raises no competition concerns because there are limited horizontal overlaps and vertical links between the parties. The Commission document is dated 23 January 2026.

“On 22 December 2025, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Hartree Partners Holdings, LP (‘Hartree’, US) … will acquire within the meaning of Article 3(1)(b) of the Merger Regulation sole control of Touton S.A. (‘Touton’, France) by way of purchase of shares,” the decision records. The Commission examined the notification under the simplified procedure and concluded: “For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement.”

The transaction is implemented by way of a Share Purchase Agreement for the acquisition of 100% of Touton’s shares. Hartree Partners Holdings LP is listed in the decision at 1185 Avenue of the Americas, New York, NY 10036, United States, and is jointly controlled by Oaktree Capital Group Holdings GP, LLC (United States) and Brookfield Corporation (Canada). The proposed deal was first announced in August 2025; the financial terms have not been publicly disclosed.

Touton is a Bordeaux-based multinational green coffee and cocoa trader that also handles vanilla, spices and other agro-industrial ingredients. In its 2023-24 sustainability report, Touton reported processing about 104,000 metric tons of coffee, which translates to approximately 1.7 million 60-kilogram bags, and processing 308,000 metric tons of cocoa. Reuters has described Touton as trading nearly 10% of the world’s cocoa, a scale that underlines why the transaction drew regulatory attention despite the Commission finding limited overlaps with Hartree’s existing activities.

Hartree has been expanding into soft commodities after a history focused on energy, metals and financial markets. The Commission previously approved Hartree’s acquisition of ED&F Man Commodities Limited under case M.11847; that approval is dated 10 April 2025, and Hartree subsequently acquired core business units including the coffee trader Volcafe in mid-2025.

For roasters, green-bean buyers, and cocoa market participants, the clearance signals continued consolidation among large commodity merchants but no immediate regulatory constraints on the deal. With no remedies imposed, the near-term operational picture will depend on how Hartree integrates Touton’s sourcing, trading and sustainability programs. Readers tracking supply chains should review Touton’s 2023-24 sustainability report and the Commission’s public case file for M.12189 to monitor market definitions and factual background the regulator used.

Expect attention now to shift from regulatory clearance to integration details, contract continuity with origin suppliers, and any pricing or sourcing shifts that could affect sourcing calendars and procurement strategies.