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, 13.10.2021  
C(2021 ) 7491 final  
PUBLIC VERSION  
BNP Paribas SA  
16 Boulevard des Italiens  
75009 – Paris  
France  
 
Caisse des dépôts et consignations  
51, Rue de Lille  
75356  –  Paris 07 SP   
France  
Subject : Case M. 10395  – BNP PARIBAS / CDC / IMMOBILIÈRE DE LA LAINE  
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 16 September 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  BNP Paribas 
S.A. (“BNP Paribas”, France)  and Caisse des Dépôts et Consignations (“CDC”, 
France)  acquire within the meaning of Article 3(1)( b) of the Merger Regulation  joint 
control of the whole of  the Immobilière de la Laine SA (“Target”, Belgium)  by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for BNP Paribas:  global banking group active in retail banking, asset management 
and services, as well as corporate and investment banking ; 
 for CDC: French special status establishment serving the general interest and 
supporting  economic development in France. CDC h as two  main areas of 
activities: (i) public service / general interest activities, and (ii)  open -market 
                                                 
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 be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 390, 27.9.2021, p. 13-14. 

2 business activities. Its main open -market business activities are : (i) environment 
and energy, (ii) real estate, (iii) capital investment and (iv) services. CDC’s 
essential activities are concentrated in France, with minor real estate activities in 
Belgium ; 
 for the Target:  company o wning a single office building in Belgium, located at 70 
rue aux Laines, 1000 Brussels, already largely leased to third parties.  
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(c) 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 no tified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .