Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  23.1.2023  
C(2023)  702 final  
PUBLIC VERSION  
Bangkok Mitsubishi HC Capital Co., 
Ltd 
Asia Centre Tower, 26th Floor  
173/35 South Sathorn Road 
Thungmahamek, Sathorn   
Bangkok 10120  
Thailand  
 
Mitsubishi HC Capital Inc.  
1-5-1, Marunouchi, Chiyoda -ku  
100-6525 Tokyo  
Japan  
 ALD S.A.  
1, rue Eugène et Armand Peugeot, CS 90111 92508 Rueil -Malmaison c edex  
France  
Subject : Case M. 10985 – BMHC / ALD / JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 December 2022, the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger Regulation, by which  Mitsubishi HC 
Capital inc. (‘ MHC’ , Japan) , Bangkok Mitsubishi HC Capital Co., Ltd (‘BMHC ’, 
Thailand), controlled by MHC , and ALD S.A. ( ‘ALD ’, France), controlled by Société 
Générale S.A. (France) will acquire within the meaning of Article 3(1)(b) and 3(4) of 
the Merger Regulation joint control of a newly created company (‘ JVco ’, Thailand) . 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will b e used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 

2 The concentration is accomplished by way of purchase of shares in a newly created 
company constitutin g a joint venture .3 
2. The business activities of the undertakings concerned are the following : 
− MHC provides a variety of financial services including finance lease, operating 
lease focused on asset values, auto lease, real estate leases, PFI business, factor ing 
and environmental products; in particular, through BMHC, a subsidiary that it 
controls, it provides clients in Thailand with finance lease, operating lease, hire purchase and auto lease services to allow businesses to acquire machinery, manufacturing equipment, automobiles or other assets;  
− ALD provides vehicle leasing and fleet management services . 
− JVco will operate the entire multibrand full service operational leasing and fleet 
management business in Thailand that is currently operated by BMHC and that JVco, once incorporated, will acquire from BMHC. JVco will only be active in Thailand and will have no activities in the EEA .  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5( a) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.
4 
4. For the reasons set out in the Notice on a simplified procedure, 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. This decision is 
adopted in applic ation of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission   (Signed)  
Olivier GUERSENT  
Director -General  
                                                 
3  Publication in the Official Journal of the European Union No C 3 , 5.1.2023, p. 2. 
4  OJ C 366, 14.12.2013, p. 5.