EUROPEAN COMMISSION PUBLIC VERSION C(2017) 4857 final To the notifying party



Subject:Case M.8449 - PEUGEOT / OPEL

Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/2004 and Article 57 of the Agreement on the European Economic Area Dear Sir or Madam, (1)On 30.05.2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertaking Peugeot S.A. ("PSA" of France) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control over the automotive business of Opel/Vauxhall ("Opel") by way of purchase of shares and assets (hereafter, the "Transaction"). PSA is designated hereinafter as the "Notifying Party" and together with Opel as the "Parties". 1.The parties (1)PSA is active worldwide in manufacturing and supplying passenger cars and light commercial vehicles ("LCVs") under the Peugeot, Citroën and DS brands. Through its subsidiary, Faurecia S.A., it is also active in the manufacturing and supply of interior automotive components. (2)Opel is currently controlled by General Motors Company ("GM", the USA) and consists of GM's European automotive business under the Opel and Vauxhall brands. Opel manufactures and supplies passenger cars and LCVs. 2.The operation (3)The "Transaction" consists of the acquisition of all assets and shareholdings related to Opel. As a result, PSA will solely control Opel. The Transaction therefore constitutes a concentration within the meaning of Article 3(1)(b) of the Merger Regulation. 3.EU DIMENSION (4)The undertakings concerned have a combined aggregate world-wide turnover of more than EUR 5,000 million. Each of them has an EU-wide turnover in excess of EUR 250 million, but they do not achieve more than two-thirds of their aggregate EU-wide turnover within one and the same Member State. (5)The notified operation therefore has an EU dimension under Article 1(2) of the Merger Regulation. 4.relevant markets 4.1.Manufacturing and supply of passenger cars and LCVs (6)The Commission has in the past considered separate markets for the manufacturing and supply of passenger cars on the one hand, and of commercial vehicles on the other hand. The Notifying Party agrees with this distinction which is retained for the present case.

4.1.1.Product market definition 4.1.1.1.Passenger cars The Notifying Party's view (7)The Notifying Party agrees with the Commission's decisional practice defining separate product markets for (i) mini cars, (ii) small cars, (iii) medium cars (iv) large cars, (v) executive cars, (vi) luxury cars (vii) sport cars, (viii) sport utility vehicles ("SUVs") and (ix) multipurpose vehicles. However, it submits that the boundaries between different vehicle categories are not always clear-cut both in terms of intended use and price. (8)With regard to the further sub-segmentation of SUVs based on the size of the car, the Notifying Party submits that given the recent development of the segment it sees no clear distinction between the sub-segments, therefore it considers that analysing the SUV segment as a whole provides a more relevant and accurate picture of the competitive environment. (9)Furthermore, the Notifying Party considers that electric vehicles do not constitute a separate product market as electric and hybrid powertrains – as opposed to combustion engines – are available for the majority of the car models, therefore consumers can choose the electric version as an option for the preferred car model. (10)As for the geographic scope of these markets, the Notifying Party submits that it is EEA-wide in scope as production of vehicles takes place on an international level and the competitive conditions are largely homogeneous throughout the EEA. The Commission's assessment (11)The Commission's previous segmentation as set out in paragraph (7) was confirmed by the results of the market investigation. Indeed the majority of competitors and customers indicated that this segmentation is appropriate with regard to passenger cars. (12)The Commission has previously considered the further sub-segmentation of the SUV segment into (i) small, (ii) medium and (iii) large SUVs but ultimately left the question open. (13)The respondents to the market investigation in the present case confirmed that such sub-segmentation is appropriate. However it has to be noted that only a slight majority of competitors agreed with this categorization. Others argued that no sub-segmentation is needed as "[t]he differences on price, quality/features and intended use are not significant from one sub-segment to another to justify further segmentation of the SUV segment. A customer could easily substitute all the models comprised within the SUV segment." On the other hand, the great majority of customers replied that there are differences – for example with regard to age, lifestyle or income - in the target customers of the SUVs in different sub-segments. (14)The Commission investigated in the present case whether electric cars constitute a separate product market and whether this possible market should be further segmented according to (i) technology (electric battery cars and hybrid cars) or (ii) the categories defined for vehicles with combustion engines (see paragraph (7) ). (15)The results of the market investigation are somewhat inconclusive in this regard. While the majority of competitors submitted that electric cars do not constitute a separate product market, most of them distinguish between battery electric and hybrid vehicles. However, as a competitor indicated "[s]ome HEVS (Hybrid Electric Cars) are more aligned with BEVs (Battery Electric Vehicles) whilst others are closer to ICE (Internal Combustion Engine). This alignment depends on the actual functions, systems and performance […]" (16)As regards hybrid vehicles, several competitors indicated that these – already now – compete directly with combustion engine powered models. As for the battery electric models, competitors indicated that they would become an alternative powertrain choice in 2-5 years. Customers emphasised the price difference between electric cars and combustion engine powered cars and added that currently the capacity of the batteries and the lack of charging infrastructure limit the use of battery electric cars. It was mentioned both by customers and competitors that specific national legislations - such as the tax exemptions in Norway - can significantly influence the competitiveness of electric cars. 4.1.1.2.LCVs The Notifying Party's view (17)The Notifying Party agrees with the Commission's decisional practice in distinguishing (i) light, (ii) medium-size and (iii) heavy commercial vehicles. (18)The Notifying Party submits that the relevant market encompasses all LCVs under 6 tons but a plausible market segment could be found within this market, comprising vehicles from 0 to 3.5 tons. (19)With regard to pick-up trucks, the Notifying Party is of the opinion that they belong to the LCV market rather than to passenger cars. (20)The Notifying Party considers that - similar to passenger cars - the LCV market is EEA-wide in scope.

The Commission's assessment (21)In previous decisions the Commission has considered but ultimately left open whether to further sub-segment LCVs into vehicles (i) up to 3.5 tons and (ii) between 3.5-6 tons. (22)The results of the market investigation were inconclusive as regards the appropriateness of plausible further segmentation of LCVs according to their size. Some market participants in fact indicated that it is an appropriate sub-segmentation, while others indicated that they rather consider LCVs as those commercial vehicles only up to 3.5 tons. (23)In previous decisions the Commission has ultimately left open whether pick-up trucks can be considered passenger cars given that they can be purchased for private use and can transport both goods and people. (24)The results of the market investigation were not entirely conclusive whether pick-up trucks should be considered as a separate product market. Competitors responding to the market investigation indicated that albeit normally registered as commercial vehicles, some customers use pick-up trucks for leisure purposes instead of business purposes. However a large proportion of the respondents to the market investigation in the present case indicated that pick-up trucks are mostly considered as commercial vehicles. (25)In previous decisions the Commission has ultimately left open whether the market for manufacturing and supply of passenger cars and LCVs is EEA-wide or national in scope. Competitors and customers alike indicated that there are price differences between countries based on list prices taking into account the specific competition conditions and the different national tax regimes. Customer preferences and CO2-emission regulation might also differ. Furthermore, retailers export vehicles only to a very limited extent. All these factors are pointing towards national markets. 4.1.2.Geographic market definition (26)In previous decisions the Commission has ultimately left open whether the geographic scope of the markets for manufacturing and supply of passenger cars and LCVs is EEA-wide or national in scope. Competitors and customers alike indicated that there are price differences between countries based on list prices set taking into account the specific competition conditions and the different national tax regimes. Customer preferences ant CO2-emission regulation might also differ. Furthermore, retailers sell vehicles outside the country they are located in only to a very limited extent. All these factors are pointing towards national markets. 4.1.3.Conclusion (27)In any event, for the purpose of this decision the Commission considers that the question of the exact product and geographic market definition can be left open, as the Transaction does not give rise to serious doubts as to its compatibility with the internal market even under the narrowest plausible market definition. 4.2.Wholesale distribution of new passenger cars and LCVs (28)At the wholesale level, distributors or importers distribute vehicles to retailers. The wholesale function is often carried out by subsidiaries of the vehicle manufacturers themselves or by independent distributors, although the latter have to ensure consistency with the central marketing strategies developed by the manufacturers.



The Notifying Party's view (29)The Notifying Party agrees with the Commission's decisional practice and submits that the segmentation of the product market between passenger cars and LCVs is sufficient and any further segmentation, particularly by type of car, is not appropriate. (30)As for the geographic scope, the Notifying Party submits that it can be left open, whether the market is EEA-wide or national. The Commission's assessment (31)The Commission found that this market should not be further sub-segmented based on "classes" of cars, given that manufacturers normally distribute a model range which covers different market segments under the same distribution channel. (32)The Commission has previously considered the wholesale distribution market to be at least national, ultimately leaving the question open whether it is EEA-wide or national in scope. (33)In any event, for the purpose of this decision the Commission considers that the question of the exact product and geographic market definition can be left open, as the Transaction does not give rise to serious doubts as to its compatibility with the internal market even under the narrowest plausible market definition.

4.3.Retail distribution of new passenger cars and LCVs (34)At the retail level, vehicles are sold to final customers by independent or vertically integrated retailers. The Notifying Party's view (35)The Notifying Party submits that the exact product and geographic market definition can be left open for the purpose of this decision. The Commission's assessment (36)The Commission has previously considered a distinction between the retail distribution of passenger cars and LCVs. Similarly to the wholesale distribution, it found that further sub-segmentation is not appropriate. (37)The Commission has so far left open whether the retail distribution markets are EEA-wide, national or local in scope. (38)In any event, for the purpose of this decision the Commission considers that the question of the exact product and geographic market definition can be left open, as the Transaction does not give rise to serious doubts as to its compatibility with the internal market even under the narrowest plausible market definition. 5.Competitive assessment – horizontal non-coordinated effects 5.1.Manufacturing and supply of passenger cars and LCVs (39)The Transaction gives rise to horizontally affected markets due to the Parties' activities in the following segments: (i) mini cars, (ii) small cars (iii) medium cars, (iv) large cars, (v) SUVs, (vi) multipurpose vehicles, (vii) LCVs and possibly (viii) electric vehicles. 5.1.1.The Notifying Party's view (40)The Notifying Party submits that no competition concerns would arise from the Transaction as the Parties combined market shares are relatively low on all plausible markets and the merged entity would be constrained by strong competitors post-Transaction. (41)Furthermore, given that all vehicle manufacturers are already present across the EEA and that there is an overcapacity in the market, the competitors could counterbalance in a timely manner and without further investments any attempt of the merged entity to increase prices. (42)Moreover, the Notifying Party argues that the Parties' brands are not perceived as close alternatives, therefore the Parties cannot be considered as close competitors. 5.1.2.Segment A: mini cars (43)PSA is present in these markets with its "Peugeot iOn", "Peugeot 108", "Citroën CZero" and "C1" models, while Opel is present through the "Adam" and "Karl" models. (44)Based on a market defined as EEA-wide in scope, the Transaction gives rise to an affected market (combined market share of [20-30]%). Based on a market defined at national level, the Transaction gives rise to affected markets in Belgium ([30-40]%), Denmark ([20-30]%), Finland ([20-30]%), France ([20-30]%), Luxembourg ([20-30]%), Malta ([20-30]%), The Netherlands ([20-30]%), Norway ([20-30]%), Portugal ([20-30]%) and the UK ([20-30]%). 5.1.2.1.Market structure I.EEA

(45)The market shares of the Parties and their competitors were the following in the last 3 years. Table 1: Mini car segment in the EEA EEA – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [5-10]% […] [10-20]% […] [10-20]% Opel […] [0-5]% […] [5-10]% […] [10-20]% Combined […] [10-20]% […] [10-20]% […] [20-30]% Fiat […] [30-40]% […] [20-30]% […] [30-40]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Hyundai […] [10-20]% […] [10-20]% […] [10-20]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Renault-Nissan* […] [5-10]% […] [5-10]% […] [5-10]% Daimler […] [0-5]% […] [0-4]% […] [0-5]% Ford […] [0-5]% […] [0-4]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (46)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. Before 2016, the combined market shares of the Parties were below [20-30]% and would not have led to an affected market. (47)The combined market share is below [20-30]% and Fiat would remain the market leader post-transaction with a stable market share around [30-40]%. Furthermore, other competitors - some with significant market share such as Volkswagen and Hyundai - would continue to exert a competitive constraint on the merged entity. II.Belgium (48)The market shares of the Parties and their competitors were the following in the last 3 years. Table 2: Mini car segment in Belgium Belgium – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [10-20]% […] [10-20]% Combined […] [20-30]% […] [20-30]% […] [30-40]% Fiat […] [30-40]% […] [20-30]% […] [20-30]% Hyundai […] [10-20]% […] [10-20]% […] [10-20]% Renault-Nissan* […] [5-10]% […] [10-20]% […] [10-20]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Volkswagen […] [5-10]% […] [5-10]% […] [5-10]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (49)The Parties achieved a combined market share of [30-40]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (50)The merged entity will face numerous competitors among which Fiat has a very significant market share of [20-30]%. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. III.Denmark (51)The market shares of the Parties and their competitors were the following in the last 3 years. Table 3: Mini car segment in Denmark Denmark – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [10-20]% […] [10-20]% Opel […] [0-5]% […] [5-10]% […] [10-20]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [30-40]% […] [20-30]% […] [20-30]% Hyundai […] [10-20]% […] [10-20]% […] [10-20]% Toyota […] [10-20]% […] [10-20]% […] [10-20]% Fiat […] [5-10]% […] [5-10]% […] [0-5]% Renault-Nissan* […] [0-5]% […] [0-5]% […] [0-5]% Others […] [10-20]% […] [5-10% […] [5-10]% Total […] 100% […] 100% […] 100% (52)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (53)The merged entity will face numerous competitors, some of them – such as Volkswagen, Hyundai and Toyota – with significant market shares. These competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. IV.Finland (54)The market shares of the Parties and their competitors were the following in the last 3 years.





Table 4: Mini car segment in Finland Finland– Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [5-10]% […] [0-5]% […] [0-5]% Opel […] [0-5]% […] [10-20]% […] [20-30]% Combined […] [10-20]% […] [20-10]% […] [20-30]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Hyundai […] [20-30]% […] [20-30]% […] [20-30]% Toyota […] [10-20]% […] [10-20]% […] [10-20]% Fiat […] [0-5]% […] [5-10]% […] [5-10]% Renault-Nissan* […] [5-10]% […] [5-10]% […] [0-5]% Others […] [5-10]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (55)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [0-5]%, while Opel had a market share of [20-30]%. (56)The increment brought about by PSA is very small. Furthermore, numerous competitors will be present, some of them – such as Volkswagen, Hyundai and Toyota – with a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. V.France (57)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 5: Mini car segment in France France – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [20-30]% […] [20-30]% Opel […] [0-5]% […] [0-5]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [30-40]% […] [30-40]% […] [20-30]% Fiat […] [20-30]% […] [10-20]% […] [20-30]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Volkswagen […] [5-10]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (58)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [20-30]%, while Opel had a market share of [5-10]%. (59)The increment brought about by Opel is rather small. Furthermore, numerous competitors will be present, some of them – such as Renault-Nissan and Fiat – with a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VI.Luxembourg (60)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 6: Mini car segment in Luxembourg Luxembourg – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [10-20]% […] [10-20]% Combined […] [10-20]% […] [20-30]% […] [20-30]% Fiat […] [30-40]% […] [20-30]% […] [30-40]% Hyundai […] [10-20]% […] [5-10]% […] [10-20]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Renault-Nissan* […] [10-20]% […] [10-20]% […] [5-10]% Toyota […] [0-5]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (61)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (62)The combined market share of the Parties is below [20-30]% and the merged entity will face competition from numerous competitors, two of them,– Fiat and Hyundai – with significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VII.Malta (63)The market shares of the Parties and their competitors were the following in the last 3 years.





Table 7: Mini car segment in Malta Malta – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [20-30]% […] [20-30]% Opel […] [5-10]% […] [0-5]% […] [0-5]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Toyota […] [20-30]% […] [20-30]% […] [20-30]% Hyundai […] [20-30]% […] [20-30]% […] [20-30]% GM* […] [0-5]% […] [5-10]% […] [5-10]% Fiat […] [5-10]% […] [5-10]% […] [5-10]% Volkswagen […] [0-5]% […] [5-10]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [0-5]% […] [6-10]% Total […] 100% […] 100% […] 100% *Without Opel (64)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [20-30]%, while Opel had a market share of [0-5]%. (65)The increment brought about by Opel is rather small. Furthermore, numerous competitors will be present, some of them – such as Toyota and Hyundai – with a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VIII.Netherlands (66)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 8: Mini car segment in the Netherlands The Netherlands – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [10-20]% […] [10-20]% Opel […] [0-5]% […] [5-10]% […] [10-20]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Hyundai […] [10-20]% […] [10-20]% […] [20-30]% Volkswagen […] [20-30]% […] [10-20]% […] [10-20]% Fiat […] [10-20]% […] [10-20]% […] [10-20]% Toyota […] [5-10]% […] [5-10% […] [5-10]% Renault-Nissan* […] [5-10]% […] ]5-10]% […] [5-10]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [5-10]% […] [0-5]% Total […] 100% […] 100% […] 100% (67)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (68)The merged entity will face numerous competitors of which two – Hyundai and Volkswagen – have a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. IX.Norway (69)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 9: Mini car segment in Norway Norway – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [20-30]% […] [20-30]% Opel […] [0-5]% […] [5-10]% […] [0-5]% Combined […] [10-20]% […] [20-30]% […] [20-30]% Volkswagen […] [50-60]% […] [30-40]% […] [40-50]% Hyundai […] [10-20]% […] [10-20]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [5-10]% […] [5-10]% Total […] 100% […] 100% […] 100% (70)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [20-30]%, while Opel had a market share of [0-5]%. (71)The increment brought about by Opel is negligible. Volkswagen would continue to be the market leader with a market share of [40-50]% and numerous other competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction.

X.Portugal (72)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 10: Mini car segment in Portugal Portugal – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [20-30]% […] [20-30]% Opel […] [0-5]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Fiat […] [30-40]% […] [20-30]% […] [30-40]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Daimler […] [10-20]% […] [10-20]% […] [10-20]% Toyota […] [0-5]% […] [5-10]% […] [5-10]% Hyundai […] [5-10]% […] [0-5]% […] [5-10]% Renault-Nissan* […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (73)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [20-30]%, while Opel had a market share of [5-10]%. (74)Fiat would continue to be the market leader with a stable market share around [30-40]%. The merged entity will face numerous competitors, some of them – such as Volkswagen and Daimler – with a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XI.The United Kingdom (75)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 11: Mini car segment in the UK United Kingdom – Segment A Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [10-20]% Combined […] [10-20]% […] [20-30]% […] [20-30]% Fiat […] [20-30]% […] [20-30]% […] [20-30]% Hyundai […] [10-20]% […] [10-20]% […] [10-20]% Toyota […] [5-10]% […] [10-20]% […] [10-20]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Ford […] [5-10]% […] [5-10]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Renault-Nissan* […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] Total (76)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (77)The combined entity will face numerous competitors, some of them – such as Fiat, Hyundai and Volkswagen – with a significant market share. Post-Transaction, these competitors would continue to exert competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. 5.1.2.2.Closeness of competition (78)The Parties both target […] with their mini car models which generally have four seats. (79)The Notifying Party claims that […]. It submits that it considers that the closest alternative for the Peugeot iOn and the Citroën C-zero is […]. For both the Peugeot 108 and the Citroën C1, the closest alternative is considered to be the […]. In all these countries, Opel considers that the closest alternative for the Opel Adam is the […], except in Norway where it is considered to be the […] that is the closest alternative from a business point of view. For Belgium, Denmark, Finland, Luxembourg and Norway, Opel considers that the closest alternative for the Opel Karl is the […]. In France, the closest alternative is the […], while in the Netherlands and in the UK, it is the […] and in Portugal it is the […] from a technical point of view. (80)The Commission considers that the Parties are not close competitors to each other with regard to the segment of mini cars. (81)First, internal documents have further confirmed that […]. (82)Second, according to the NCBS survey the brand substitution […].

(83)Third, in the market investigation the majority of the retailers replied that end-customers do not see the Parties as close alternatives in the mini car segment. Indeed, the majority of the customers asked stated the Transaction will have no impact, that the intensity of competition will remain the same, that the price level in the different segments will also remain the same and that the merged entity will not have a degree of control on the market that would make it difficult for other companies to compete with them. The results of the market investigation further indicated that most competitors also do not see the Parties' models as each other's close alternatives in the mini car segment in the affected markets. Moreover, competitors of the Parties consider that as a result of the Transaction, the intensity of competition on the affected markets will stay the same. Also, competitors stated the merged entity will not have a degree of control on the market that would make it difficult for them to compete with the Parties. 5.1.2.3.Conclusion (84)For the reasons mentioned above, the Commission considers that the Transaction does not raise serious doubts as to its compatibility with the internal market with respect to the market for manufacturing and supply of mini cars in the EEA, Belgium, Denmark, Finland, France, Luxembourg, Malta, the Netherlands, Norway, Portugal and the UK. 5.1.3.Segment B: small cars (85)PSA is present in these markets with its "Peugeot 208", "Citroën C3", "DS3", "C4 Cactus", "E-Mehari" models, while Opel is present through the "Corsa" model. (86)Based on a market defined as EEA-wide in scope, the Transaction gives rise to an affected market (combined market share of [20-30]%). Based on a market defined at national level, the Transaction gives rise to affected markets in Belgium ([20-30]%), Croatia ([20-30]%), Denmark ([20-30]%), France ([30-40]%), Greece ([20-30]%), Italy ([20-30]%), Luxembourg ([20-30]%), Malta ([20-30]%), the Netherlands ([20-30]%), Portugal ([20-30]%), Spain ([20-30]%) and the UK ([20-30]%). 5.1.3.1.Market structure I.EEA (87)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 12: Small car segment in the EEA EEA – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [20-30]% […] [10-20]% […] [10-20]% Ford […] [10-20]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [0-5]% […] [5-10% Fiat […] [5-10]% […] [0-5]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Honda […] [0-5]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (88)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. (89)The combined market share of the Parties is below [20-30]%. Furthermore, numerous competitors will be present of which two – Volkswagen and Renault-Nissan – have a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. II.Belgium (90)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 13: Small car segment in Belgium Belgium – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [10-20]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Ford […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [5-10]% Total […] 100% […] 100% […] 100% (91)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%.

(92)Numerous competitors will continue to be present of which two – Renault-Nissan and Volkswagen – have a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. III.Croatia (93)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 14: Small car segment in Croatia Croatia – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [10-20]% […] [10-20]% […] [10-20]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [10-20]% […] [20-30]% […] [20-30]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Ford […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [0-5]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [5-10]% […] [5-10]% Total […] 100% […] 100% […] 100% (94)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (95)Renault-Nissan will remain the market leader with an increasing market presence and numerous other competitors will also be present, of which Volkswagen has a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. IV.Denmark (96)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 15: Small car segment in Denmark Denmark – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [20-30]% […] [20-30]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [30-40]% […] [20-30]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Hyundai […] [10-20]% […] [10-20]% […] [10-20]% Renault-Nissan* […] [10-20]% […] [10-20]% […] [10-20]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Ford […] [10-20]% […] [5-10]% […] [5-10]% Others […] [10-20]% […] [10-20]% […] [10-20]% Total […] 100% […] 100% […] 100% (97)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [20-30]%, while Opel had a market share of [0-5]%. (98)The increment brought about by Opel is rather small. Furthermore, numerous competitors will continue to be present, some – such as Volkswagen, Hyundai and Renault-Nissan – with a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. V.France (99)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 16: Small car segment in France France – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [30-40]% […] [30-40]% […] [30-40]% Opel […] [0-5]% […] [0-5]% […] [0-5]% Combined […] [30-40]% […] [30-40]% […] [30-40]% Renault-Nissan* […] [30-40]% […] [30-40]% […] [30-40]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Toyota […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100%

(100)The Parties achieved a combined market share of [30-40]% in 2016. PSA had a market share of [30-40]%, while Opel had a market share of [0-5]%. (101)The increment brought about by Opel is rather small. Furthermore, numerous competitors will be present, out of which Renault-Nissan has a very significant and stable market share ([30-40]% in 2016). Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VI.Greece (102)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 17: Small car segment in Greece Greece – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [10-20]% […] [10-20]% […] [10-20]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Toyota […] [10-20]% […] [10-20]% […] [10-20]% Renault-Nissan* […] [10-20]% […] [10-20]% […] [10-20]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Ford […] [5-10]% […] [5-10]% […] [5-10]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Hyundai […] [10-20]% […] [5-10]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [5-10]% […] [5-10]% Total […] 100% […] 100% […] 100% (103)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (104)Furthermore, numerous competitors will be present of which three – Toyota, Renault-Nissan and Volkswagen – have a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VII.Italy (105)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 18: Small car segment in Italy Italy – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [10-20]% […] [10-20]% […] [20-30]% Fiat […] [30-40]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [10-20]% […] [10-20]% […] [10-20]% Volkswagen […] [10-20]% […] [10-20]% […] [10-20]% Ford […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (106)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. Before 2016, the combined market shares of the Parties were below [20-30]% and would not have led to an affected market. (107)The combined market share of the Parties is below [20-30]% and Fiat would continue to be the market leader with a market share of [20-30]%. Furthermore, numerous other competitors will also be present, some – such as Renault-Nissan and Volkswagen – with a significant market share. Post-Transaction, these competitors would continue to exert competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VIII.Luxembourg (108)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 19: Small car segment in Luxembourg

Luxembourg – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [20-30]% […] [10-20]% […] [20-30]% BMW […] [5-10]% […] [5-10]% […] [5-10]% Ford […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [5-10]% […] [5-10]% Toyota […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (109)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. (110)The combined market share of the Parties is below [20-30]% and Volkswagen would continue to be the market leader with a market share of [20-30]%. Furthermore, numerous other competitors will be present of which Renault-Nissan has a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. IX.Malta (111)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 20: Small car segment in Malta Malta – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [5-10]% […] [10-20]% […] [10-20]% Opel […] [0-5]% […] [0-5]% […] [0-5]% Combined […] [10-20]% […] [20-30]% […] [20-30]% Renault-Nissan […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [0-5]% […] [10-20]% […] [10-20]% Ford […] [10-20]% […] [5-10]% […] [10-20]% Toyota […] [20-30]% […] [10-20]% […] [10-20]% Hyundai […] [10-20]% […] [10-20]% […] [5-10]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Honda […] [0-5]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [0-5]% […] [5-10]% Total […] 100% […] 100% […] 100% (112)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [0-5]%. (113)The combined market share of the Parties is below [20-30]% and the increment brought about by Opel is rather small. Renault-Nissan would continue to be the market leader with a market share of [20-30]% and numerous other competitors will be present of which Volkswagen and Ford have a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. X.The Netherlands (114)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 21: Small car segment in the Netherlands The Netherlands – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [10-20]% […] [10-20]% […] [20-30]% Renault-Nissan* […] [20-30]% […] [20-30]% […] [10-20]% Ford […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [5-10]% […] [5-10]% […] [5-10]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Others […] [10-20]% […] [10-20]% […] [10-20]% Total […] 100% […] 100% […] 100% (115)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. (116)The combined market share of the Parties is below [20-30]% and the increment brought about by Opel is less than [5-10]%. Furthermore, the merged entity will face numerous competitors of which Volkswagen and Renault-Nissan have a significant market share. Post-Transaction, these competitors would continue to exert competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XI.Portugal (117)The market shares of the Parties and their competitors were the following in the last 3 years.





Table 22: Small car segment in Portugal Portugal – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [20-30]% Opel […] [10-20]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [5-10]% […] [0-5]% […] [0-5]% Ford […] [5-10]% […] [0-5]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (118)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [20-30]%, while Opel had a market share of [5-10]%. (119)The merged entity will face numerous competitors of which two – Renault-Nissan and Volkswagen – have a market share steadily above [20-30]%. Post-Transaction, these competitors would continue to exert competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XII.Spain (120)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 23: Small car segment in Spain Spain – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [10-20]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [20-30]% […] [20-30]% […] [20-30]% Hyundai […] [0-5]% […] [5-10]% […] [5-10]% Ford […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [0-5]% […] [0-5]% […] [5-10]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (121)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. (122)The merged entity will face numerous competitors of which two – Volkswagen and Renault-Nissan – have a market share of more than [20-30]%. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XIII.The United Kingdom (123)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 24: Small car segment in the UK United Kingdom – Segment B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [5-10]% Opel […] [10-20]% […] [10-20]% […] [10-20]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Ford […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [10-20]% […] [10-20]% […] [20-30]% Renault-Nissan* […] [10-20]% […] [5-10]% […] [5-10]% BMW […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Honda […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [5-10]% […] [5-10]% Total […] 100% […] 100% […] 100% (124)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [5-10]%, while Opel had a market share of [10-20]%. (125)The combined market share of the Parties is below [20-30]%. Furthermore, the merged entity will face numerous competitors of which two – Ford and Volkswagen – have a market share above [20-30]%. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. 5.1.3.2.Closeness of competition (126)The Parties both target […] with their small car models which generally have 5 seats.

(127)The Notifying Party claims that […]. It submits that it considers that the closest alternative for PSA in all affected markets for the Peugeot 208 is the […]. For the Citroën C4 Cactus, the closest alternative is the […]. For the Citroën C3, the closest alternatives are considered to be the […] based on technical characteristics, and the […] from a business point of view. For the DS3, the closest alternatives are the […] based on technical characteristics, and the […] from a business point of view. (128)On the other hand, Opel considers that the closest alternative for the Opel Corsa is the […] based on technical characteristics. From a business point of view however, the closest competing model are different depending on the country. The closest competing models to the Opel Corsa from a business point of view is the […] in Belgium, Luxembourg, Malta and Spain, the […] in Croatia and in the UK, the […] in France, the […] in Greece, the […] in Italy and the […] in Portugal. (129)The Commission considers that the Parties are not close competitors to each other with regard to the segment of small cars. (130)First, internal documents have further confirmed that […]. (131)Second, according to the NCBS study the brand substitution between Peugeot and Opel […]. (132)Third, in the market investigation the majority of the retailers replied that end-customers do not see the Parties as close alternatives in the small car segment. Indeed, the majority of the customers asked stated that the Transaction will have no impact, that the intensity of competition will remain the same, that the price level in the different segments will remain the same and that the merged entity will not have a degree of control on the market that would make it difficult for other companies to compete with them. The results of the market investigation further indicated that most competitors also do not see the Parties' models as each other's close alternatives in the small car segment in the affected markets. Moreover, competitors of the Parties consider that as a result of the Transaction, the intensity of competition on the affected markets will stay the same. Also, competitors stated the merged entity will not have a degree of control on the market that would make it difficult for them to compete with the Parties. 5.1.3.3.Conclusion (133)For the reasons mentioned above, the Commission considers that the Transaction does not raise serious doubts as to its compatibility with the internal market with respect to the market for manufacturing and supply of small cars in the EEA, Belgium, Croatia, Denmark, France, Greece, Italy, Luxembourg, Malta, the Netherlands, Portugal, Spain and the UK. 5.1.4.Segment C: medium cars (134)PSA is present in these markets with its "Peugeot 301", "Peugeot 308", "Citroën C4", "DS4" and "C-Elysée" models, while Opel is present through the "Astra" and "Cascada" models. (135)If the market were to be defined as EEA-wide in scope, the Transaction would not lead to an affected market in this segment (combined market share of [10-20]%). Based on a market defined at national level, the Transaction gives rise to affected markets in Belgium ([20-30]%), Denmark ([20-30]%), France ([30-40]%), Greece ([20-30]%), the Netherlands ([20-30]%) and Spain ([20-30]%). 5.1.4.1.Market structure I.Belgium (136)The market shares of the Parties and their competitors were the following in the last 3 years. Table 25: Medium car segment in Belgium Belgium – Segment C Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [10-20]% […] [10-20]% […] [20-30]% Volkswagen […] [30-40]% […] [30-40]% […] [30-40]% Daimler […] [5-10]% […] [5-10]% […] [10-20]% BMW […] [5-10]% […] [5-10]% […] [5-10]% Renault-Nissan* […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [0-5]% […] [5-10]% Hyundai […] [5-10]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [5-10]% […] [5-10]% Total […] 100% […] 100% […] 100% (137)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. Before 2016, the combined market shares of the Parties were below [20-30]% and would not have led to an affected market. (138)The combined market share of the Parties is below [20-30]%. Volkswagen remains the market leader with a market share above [30-40]%. In addition, the merged entity will face numerous competitors which would continue to exert competitive constraint on the merged entity post-Transaction. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. II.Denmark

(139)The market shares of the Parties and their competitors were the following in the last 3 years. Table 26: Medium car segment in Denmark Denmark – Segment C Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [0-5]% […] [0-5]% […] [10-20]% Combined […] [10-20]% […] [20-30]% […] [20-30]% Volkswagen […] [40-50]% […] [30-40]% […] [30-40]% Hyundai […] [10-20]% […] [5-10]% […] [5-10]% Toyota […] [0-5]% […] [0-5]% […] [5-10]% Ford […] [0-5]% […] [5-10]% […] [5-10]% Daimler […] [0-5]% […] [5-10]% […] [5-10]% Renault-Nissan* […] [5-10]% […] [0-5]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Honda […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [5-10]% […] [5-10]% Total […] 100% […] 100% […] 100% (140)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. (141)Volkswagen remains the market leader with a market share above [30-40]%. In addition, the merged entity will face numerous competitors. Post-Transaction, these competitors would continue to exert competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. III.France (142)The market shares of the Parties and their competitors were the following in the last 3 years. Table 27: Medium car segment in France France – Segment C Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [30-40]% […] [30-40]% […] [30-40]% Opel […] [0-5]% […] [0-5]% […] [0-5]% Combined […] [30-40]% […] [30-40]% […] [30-40]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [10-20]% […] [10-20]% […] [10-20]% Daimler […] [5-10]% […] [5-10]% […] [5-10]% Toyota […] [0-5]% […] [5-10]% […] [0-5]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (143)The Parties achieved a combined market share of [30-40]% in 2016. PSA had a market share of [30-40]%, while Opel had a market share of [0-5]%. (144)The increment brought about by Opel is rather small. Furthermore, numerous competitors will be present of which Volkswagen and Renault-Nissan have a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. IV.Greece (145)The market shares of the Parties and their competitors were the following in the last 3 years. Table 28: Medium car segment in Greece Greece – Segment C Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [5-10]% […] [5-10]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [10-20]% Combined […] [10-20]% […] [10-20]% […] [20-30]% Volkswagen […] [30-40]% […] [20-30]% […] [20-30]% Toyota […] [10-20]% […] [10-20]% […] [10-20]% Daimler […] [5-10]% […] [5-10]% […] [5-10]% BMW […] [5-10]% […] [5-10]% […] [5-10]% Ford […] [0-5]% […] [5-10]% […] [5-10]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Renault-Nissan* […] [0-5]% […] [0-5]% […] [0-5]% Honda […] [0-5]% […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [10-20]% […] [5-10]% […] [0-5]% Total […] 100% […] 100% […] 100% (146)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [10-20]%. Before 2016, the combined market shares of the Parties were below [20-30]% and would not have led to an affected market. (147)The combined market share of the Parties is below [20-30]%. Volkswagen will remain the market leader with a market share of [20-30]%. Furthermore, the combined entity will face numerous other competitors of which Toyota has a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. V.The Netherlands

(148)The market shares of the Parties and their competitors were the following in the last 3 years. Table 29: Medium car segment in the Netherlands The Netherlands – Segment C Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [20-30]% […] [5-10]% Opel […] [0-5]% […] [0-5]% […] [10-20]% Combined […] [10-20]% […] [20-30]% […] [20-30]% Volkswagen […] [40-50]% […] [30-40]% […] [30-40]% Renault-Nissan* […] [0-5]% […] [0-5]% […] [5-10]% Ford […] [0-5]% […] [5-10]% […] [5-10]% BMW […] [0-5]% […] [0-5]% […] [5-10]% Daimler […] [0-5]% […] [0-5]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [10-20]% […] [10-20]% […] [5-10]% Total […] 100% […] 100% […] 100% (149)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [5-10]%, while Opel had a market share of [10-20]%. (150)The combined market share of the Parties is below [20-30]%. Volkswagen will remain the market leader with a market share of more than [30-40]%. Furthermore, numerous other competitors will be present which would continue to exert a competitive constraint on the merged entity post-transaction. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VI.Spain (151)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 30: Medium car segment in Spain Spain – Segment C Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Volkswagen […] [30-40]% […] [30-40]% […] [30-40]% Renault-Nissan* […] [10-20]% […] [10-20]% […] [5-10]% Hyundai […] [0-5]% […] [5-10]% […] [5-10]% Toyota […] [5-10]% […] [5-10]% […] [5-10]% Ford […] [5-10]% […] [5-10]% […] [5-10]% Daimler […] [0-5]% […] [0-5]% […] [5-10]% BMW […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Others […] [10-20]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (152)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [10-20]%, while Opel had a market share of [5-10]%. (153)The combined market share of the Parties is below [20-30]%. Volkswagen will remain the market leader with a market share steadily above [30-40]%. Furthermore, numerous other competitors will be present which would continue to exert a competitive constraint on the merged entity post-Transaction. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. 5.1.4.2.Closeness of competition (154)The Parties both target […] with their medium car models which generally have 5 seats. (155)The Notifying Party claims that […]. It submits that it considers that the closest alternative for the Peugeot 308 is the […] based on technical characteristics and the […] from a business point of view. For the Citroën C4, it is the […] based on technical characteristics and the […] from a business point of view. For the DS4 and the Citroën C-Elysée, it is respectively the […] and the […] from both standpoints. (156)On the other hand, Opel considers the closest alternative for the Opel Cascada to be the […] from a business point of view in all of these countries, except in Spain where it is the […]. In all of these countries, the closest alternative based on technical characteristics is the […] except in the Netherlands where it is the […]. Opel considers that the closest alternative for the Opel Astra is the […] in Belgium, Denmark and Spain. In France, the […] is the closest alternative from a technical point of view and the […] is the closest from a business point of view. In Greece, the […] is the closest from a technical point of view, and the […] is the closest from a business point of view. (157)The Commission considers that the Parties are not close competitors to each other with regard to the segment of medium cars. (158)First, internal documents have further confirmed that […]. (159)Second, according to the NCBS study the brand substitution between Peugeot and Opel […]. (160)Third, in the market investigation the majority of the retailers replied that end-customers do not see the Parties as close alternatives in the medium car segment. Indeed, the majority of the customers asked stated that the Transaction will have no impact, that the intensity of competition will remain the same, that the price level in the different segments will remain the same and that the merged entity will not have a degree of control on the market that would make it difficult for other companies to compete with them. The results of the market investigation further indicated that most competitors also do not see the Parties' models as each other's close alternatives in the medium car segment in the affected markets. Moreover, competitors of the Parties consider that as a result of the Transaction, the intensity of competition on the affected markets will stay the same. Also, competitors stated the merged entity will not have a degree of control on the market that would make it difficult for them to compete with the Parties.

5.1.4.3.Conclusion (161)For the reasons mentioned above, the Commission considers that the Transaction does not raise serious doubts as to its compatibility with the internal market with respect to the market for manufacturing and supply of medium cars in Belgium, Denmark, France, Greece, the Netherlands and Spain. 5.1.5.Segment D: large cars (162)PSA is present in these markets with its "Peugeot 508", "Citroën C5" and "DS5" models, while Opel is producing "Insignia". (163)If the market were to be defined as EEA-wide in scope, the Transaction would not lead to an affected market in this segment (combined market share of [10-20]%). Based on the narrowest – national – geographic market definition, the Transaction gives rise to affected markets in France and Malta. 5.1.5.1.Market structure I.France (164)The market shares of the Parties and their competitors were the following in the last 3 years. Table 31: Large car segment in France France – Segment D Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [30-40]% […] [30-40]% […] [20-30]% Opel […] [0-5]% […] [0-5]% […] [0-5]% Combined […] [30-40]% […] [30-40]% […] [20-30]% Volkswagen […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [10-20]% […] [5-10]% […] [10-20]% BMW […] [10-20]% […] [10-20]% […] [5-10]% Daimler […] [5-10]% […] [5-10]% […] [5-10]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Toyota […] [0-5]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (165)The Parties achieved a combined market share of [20-30]% in 2016. It should also be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [20-30]% in 2016, decreasing from [30-40]% in 2014, while Opel had a market share of [0-5]% in 2016, decreasing from [0-5]% in 2014. Conversely, Volkswagen and Renault-Nissan has achieved a market share increase of approximately [5-10]% in the last three years, (166)The increment brought about by Opel is rather small and the merged entity would face competition from numerous competitors of which Volkswagen and Renault-Nissan have a significant market share. Post-Transaction, these competitors would continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. II.Malta (167)The market shares of the Parties and their competitors were the following in the last 3 years. Table 32: Large car segment in Malta Malta – Segment D Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [5-10]% […] [20-30]% Opel […] [0-5]% […] [0-5]% […] [0-5]% Combined […] [20-30]% […] [10-20]% […] [20-30]% Daimler […] [0-5]% […] [5-10]% […] [10-20]% BMW […] [0-5]% […] [10-20]% […] [10-20]% Volkswagen […] [20-30]% […] [10-20]% […] [10-20]% Toyota […] [10-20]% […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [30-40]% […] [40-50]% […] [10-20]% Total […] 100% […] 100% […] 100% (168)The Parties achieved a combined market share of [20-30]% in 2016. PSA had a market share of [20-30]% and Opel had a market share of [0-5]%, so the increment brought about by the latter is rather small. Furthermore, Opel's market share has been decreasing from [0-5]% in 2014. Conversely, Daimler and BMW could achieve a market share above [10-20]% in three years, (169)There are numerous competitors active on this market, of which Daimler, BMW and Volkswagen achieved a significant market share. Post-Transaction, these competitors would continue to exert competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. 5.1.5.2.Closeness of competition

(170)The Parties both target […] with their large car models which all have five seats.[…], […]. (171)The Notifying Party claims that […]. It submits that it considers that the closest alternative of both Peugeot 508 and Citroën C5 from a technical and business point of view is […] in France and in Malta. The Notifying Party sees the […] as the closest competing model of the DS5 in these countries. Similarly, Opel indicated that […] of Insignia but rather sees […] in France and […] in Malta as the closest competing model. (172)The Commission considers that the Parties are not close competitors to each other with regard to the segment of large cars. (173)First, internal documents have confirmed […],[…]. (174)Second, according to the NCBS study […]. (175)Third, in the market investigation the majority of the retailers replied that end-customers do not see the Parties as close alternatives in the large car segment. Indeed, the majority of the customers asked stated that it does not consider the Parties to be close competitors with regard to price, quality/features or intended use. The results of the market investigation further indicated that most competitors also do not see the Parties' models as each other's close alternatives in the large car segment in France and Malta. 5.1.5.3.Conclusion (176)For the reasons mentioned above, the Commission considers that the Transaction does not raise serious doubts as to its compatibility with the internal market with respect to the market for manufacturing and supply of large cars in France and in Malta. 5.1.6.Segment J: SUVs (177)PSA is present in these markets with its "Peugeot 2008" and "Peugeot 3008" models, while Opel is producing "Mokka". The Peugeot 2008 and the Opel Mokka are sub-compact SUVs but the Peugeot 3008 is considered as a compact model which means bigger load space and also a higher price. (178)If the market were to be defined as EEA-wide in scope, the Transaction would not lead to an affected market in this segment (combined market share of [10-20]%). Based on a narrower – national – geographic market definition, the Transaction gives rise to an affected market in France. (179)If the SUV segment were to be further sub-segmented based on the size of the vehicles, the Transaction gives rise to affected markets with regard to small (sub-compact) SUVs both on an EEA-wide level and on a national level in Austria, Belgium, Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK. 5.1.6.1.Market structure A.SUVs - France (180)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 33: SUV segment in France France – Segment J Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [20-30]% […] [20-30]% Opel […] [0-5]% […] [0-5]% […] [0-5]% Combined […] [20-30]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [30-40]% […] [30-40]% […] [30-40]% Volkswagen […] [5-10]% […] [5-10]% […] [5-10]% Hyundai […] [0-5]% […] [0-5]% […] [5-10]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% BMW […] [5-10]% […] [0-5]% […] [0-5]% Daimler […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Toyota […] [0-5]% […] [0-5]% […] [0-5]% Honda […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [5-10]% […] [5-10]% Total […] 100% […] 100% […] 100% (181)The Parties achieved a combined market share of [20-30]% in 2016. It should also be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [20-30]% in 2016, decreasing from [20-30]% in 2014, while Opel had a market share of [0-5]% in 2016, decreasing from [0-5]% in 2014.

(182)The increment brought about by Opel is rather small, and Renault-Nissan would continue to be the market leader with a market share of [30-40]% post-Transaction. Other competitors would also continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction.



B.Sub-segment SUV-B: sub-compact SUVs I.EEA (183)The market shares of the Parties and their competitors were the following in the last 3 years. Table 34: Sub-compact SUV segment in the EEA EEA – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [10-20]% […] [10-20]% Opel […] [20-30]% […] [10-20]% […] [10-20]% Combined […] [40-50]% […] [30-40]% […] [30-40]% Renault-Nissan* […] [40-50]% […] [30-40]% […] [20-30]% Fiat […] [0-5]% […] [10-20]% […] [10-20]% Suzuki […] [0-5]% […] [5-10]% […] [5-10]% Ford […] [0-5]% […] [0-5]% […] [5-10]% Mazda - - […] [0-5]% […] [0-5]% Honda - - […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100.0% […] 100% […] 100% (184)The Parties achieved a combined market share of [30-40]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014, while Opel had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014. Conversely, Fiat achieved a market share increase of approximately [10-20]% in the last three years. (185)Although the Parties – who are currently the third and fourth biggest market players in the sub-compact SUV segment – would become market leader post-Transaction, the merged entity would continue to face competition from established market players with high or significant market shares such as Renault-Nissan and Fiat and from numerous other competitors. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. II.Austria (186)The market shares of the Parties and their competitors were the following in the last 3 years. Table 35: Sub-compact SUV segment in Austria Austria – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [5-10]% Opel […] [30-40]% […] [20-30]% […] [10-20]% Combined […] [50-60]% […] [30-40]% […] [20-30]% Fiat […] [0-5]% […] [20-30]% […] [10-20]% Renault-Nissan* […] [20-30]% […] [10-20]% […] [10-20]% Suzuki […] [10-20]% […] [10-20]% […] [10-20]% Mazda - - […] [5-10]% […] [10-20]% Honda - - […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Volkswagen - - - - […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (187)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [5-10]% in 2016, decreasing from [10-20]% in 2014, while Opel had a market share of [10-20]% in 2016, decreasing from [30-40]% in 2014. Conversely, Fiat and Mazda achieved a market share increase above [10-20]% in 2-3 years. (188)The increment brought about by PSA is [5-10]%. However, the Transaction would not change significantly the competitive landscape as Opel was already the market leader and the merged entity would continue to face competition from numerous competitors, some – such as Fiat, Renault-Nissan, Suzuki and Mazda – with significant market shares. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. III.Belgium (189)The market shares of the Parties and their competitors were the following in the last 3 years. Table 36: Sub-compact SUV segment in Belgium Belgium – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [20-30]% […] [20-30]% Opel […] [10-20]% […] [10-20]% […] [10-20]% Combined […] [40-50]% […] [40-50]% […] [30-40]% Renault-Nissan* […] [30-40]% […] [20-30]% […] [20-30]% Fiat […] [0-5]% […] [10-20]% […] [10-20]% Suzuki […] [5-10]% […] [5-10]% […] [5-10]% Mazda - - […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Honda - - […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100%

(190)The Parties achieved a combined market share of [30-40]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [20-30]% in 2016, decreasing from [20-30]% in 2014, while Opel had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014. Conversely, Fiat achieved a market share increase of approximately [10-20]% in the last three years. (191)Although the Parties – who are currently the second and third biggest market players in the sub-compact SUV segment – would become market leader post-Transaction, the merged entity would continue to face competition from established market players with high or significant market shares such as Renault-Nissan and Fiat and from numerous other competitors. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction.



IV.Croatia (192)The market shares of the Parties and their competitors were the following in the last 3 years. Table 37: Sub-compact SUV segment in Croatia Croatia – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [10-20]% […] [10-20]% […] [10-20]% Combined […] [30-40]% […] [30-40]% […] [20-30]% Suzuki […] [5-10]% […] [30-40]% […] [40-50]% Renault-Nissan* […] [50-60]% […] [20-30]% […] [10-20]% Mazda - - […] [5-10]% […] [5-10]% Fiat […] [0-5]% […] [0-5]% […] [5-10]% Honda - - […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100.0% […] 100.0% […] 100.0% (193)The Parties achieved a combined market share of [20-30]% in 2016. It should also be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014, while Opel had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014. Conversely, Suzuki achieved a market share increase of approximately [30-40]% in the last three years. (194)Suzuki would continue to be the market leader with a market share of [40-50]% post-Transaction, and other competitors, among them Renault-Nissan with a significant market share of [10-20]% would also continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. V.The Czech Republic (195)The market shares of the Parties and their competitors were the following in the last 3 years. Table 38: Sub-compact SUV segment in the Czech Republic Czech Republic – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [10-20]% […] [10-20]% […] [5-10]% Combined […] [20-30]% […] [30-40]% […] [20-30]% Renault-Nissan* […] [30-40]% […] [30-40]% […] [20-30]% Suzuki […] [20-30]% […] [10-20]% […] [10-20]% Fiat […] [0-5]% […] [10-20]% […] [10-20]% Mazda - - […] [0-5]% […] [5-10]% Honda - - - - […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (196)The Parties achieved a combined market share of [20-30]% in 2016. Opel's market share has been decreasing in the last 3 years: it had a market share of [5-10]% in 2016, decreasing from [10-20]% in 2014. Conversely, Fiat achieved a market share increase of approximately [10-20]% in the last three years. (197) There are numerous competitors active on this market, of which Renault-Nissan, Suzuki and Fiat have a significant market share. Renault-Nissan would continue to be the market leader with a market share of [20-30]% post-Transaction, and other competitors would also continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VI.Denmark (198)The market shares of the Parties and their competitors were the following in the last 3 years.





Table 39: Sub-compact SUV segment in Denmark Denmark – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [10-20]% […] [10-20]% Opel […] [5-10]% […] [5-10]% […] [5-10]% Combined […] [30-40]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [50-60]% […] [40-50]% […] [30-40]% Suzuki […] [10-20]% […] [20-30]% […] [20-30]% Mazda - - […] [5-10]% […] [10-20]% Honda - - […] [0-5]% […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Toyota - - - - […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (199)The Parties achieved a combined market share of [20-30]% in 2016. It should also be noted that PSA's market share has been declining in the past three years: it had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014. Conversely, Suzuki achieved a market share increase of approximately [10-20]% in the last three years. (200)The increment brought about by Opel is [5-10]% and Renault-Nissan would continue to be the market leader with a market share of [30-40]% post-Transaction. Other competitors, some – such as Suzuki and Mazda – with a significant market share, would also continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VII.Estonia (201)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 40: Sub-compact SUV segment in Estonia Estonia – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [10-20]% […] [10-20]% […] [10-20]% Combined […] [30-40]% […] [30-40]% […] [20-30]% Renault-Nissan* […] [50-60]% […] [30-40]% […] [20-30]% Honda - - […] [5-10]% […] [20-30]% Suzuki […] [5-10]% […] [10-20]% […] [5-10]% Mazda - - […] [0-5]% […] [5-10]% Fiat - - […] [0-5]% […] [5-10]% Others […] [5-10]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (202)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014 and Opel had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014. Conversely, Honda achieved a market share of [20-30]% in just two years, (203)Although the merged entity would become the market leader (PSA and Opel are currently the fourth and third biggest players), it would continue to face competition from numerous competitors, some – such as Renault-Nissan and Honda – with a significant market share. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. VIII.Finland (204)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 41: Sub-compact SUV segment in Finland Finland – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [5-10]% […] [5-10]% Opel […] [40-50]% […] [30-40]% […] [10-20]% Combined […] [60-70]% […] [40-50]% […] [20-30]% Honda - - […] [0-5]% […] [10-20]% Renault-Nissan* […] [20-30]% […] [20-30]% […] [10-20]% Suzuki […] [0-5]% […] [10-20]% […] [10-20]% Mazda - - […] [5-10]% […] [10-20]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Ford - - - - […] [0-5]% Volkswagen - - - - […] [0-5]% Toyota - - - - […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (205)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [5-10]% in 2016, decreasing from [10-20]% in 2014 and Opel had a market share of [10-20]% in 2016, decreasing from [40-50]% in 2014. Conversely, Honda and Mazda achieved a market share above [10-20]% in just two years. (206)Although the merged entity would become the market leader (currently PSA and Opel are the sixth and third biggest market players), it would continue to face competition from numerous competitors of which four – Honda, Renault-Nissan, Suzuki and Mazda – have a significant market share. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. IX.France

(207)The market shares of the Parties and their competitors were the following in the last 3 years. Table 42: Sub-compact SUV segment in France France – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [30-40]% […] [30-40]% […] [30-40]% Opel […] [10-20]% […] [5-10]% […] [5-10]% Combined […] [40-50]% […] [40-50]% […] [30-40]% Renault-Nissan* […] [50-60]% […] [40-50]% […] [30-40]% Fiat […] [0-5]% […] [5-10]% […] [10-20]% Suzuki […] [0-5]% […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Honda - - […] [0-5]% […] [0-5]% Mazda - - […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (208)The Parties achieved a combined market share of [30-40]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years: PSA had a market share of [30-40]% in 2016, decreasing from [30-40]% in 2014 and Opel had a market share of [5-10]% in 2016, decreasing from [10-20]% in 2014. Conversely, Fiat achieved a market share increase of approximately [10-20]% in the last three years. (209)The increment brought about by Opel is [5-10]% and Renault-Nissan would continue to be the market leader with a market share of [30-40]% post-Transaction. Other competitors would also continue to exert a competitive constraint on the merged entity. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. X.Germany (210)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 43: Sub-compact SUV segment in Germany Germany – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [5-10]% […] [10-20]% Opel […] [30-40]% […] [20-30]% […] [20-30]% Combined […] [50-60]% […] [30-40]% […] [30-40]% Renault-Nissan* […] [30-40]% […] [20-30]% […] [20-30]% Suzuki […] [5-10]% […] [5-10]% […] [10-20]% Mazda - - […] [5-10]% […] [5-10]% Fiat […] [0-5]% […] [10-20]% […] [5-10]% Ford […] [0-5]% […] [5-10]% […] [5-10]% Honda - - […] [0-5]% […] [0-5]% Hyundai […] [0-5]% […] [5-10]% […] [0-5]% Volkswagen - - - - […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (211)The Parties achieved a combined market share of [30-40]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years; PSA had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014 and Opel had a market share of [20-30]% in 2016, decreasing from [30-40]% in 2014. (212)Post-Transaction the merged entity would replace Opel as the market leader but it would continue to face competition from numerous competitors of which Renault-Nissan, Suzuki, Mazda and Fiat have a significant market share. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XI.Greece (213)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 44: Sub-compact SUV segment in Greece Greece – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [5-10]% […] [5-10]% […] [5-10]% Opel […] [30-40]% […] [10-20]% […] [10-20]% Combined […] [40-50]% […] [20-30]% […] [20-30]% Suzuki […] [5-10]% […] [20-30]% […] [20-30]% Fiat […] [0-5]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [40-50]% […] [20-30]% […] [10-20]% Honda - - - - […] [0-5]% Ford - - - - […] [0-5]% Volkswagen - - - - […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (214)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that Opel's market shares have been declining significantly in the past three years: it had a market share of [10-20]% in 2016, decreasing from [30-40]% in 2014. Conversely, Suzuki and Fiat established a market presence above [20-30]% in the last three years. (215)Suzuki will remain the market leader with [20-30]% of the market shares, with Fiat as the second biggest market player, with [20-30]%. Moreover, the merged entity will continue to face competition from numerous other competitors. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XII.Ireland

(216)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 45: Sub-compact SUV segment in Ireland Ireland – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [20-30]% […] [10-20]% […] [10-20]% Combined […] [40-50]% […] [30-40]% […] [20-30]% Renault-Nissan* […] [50-60]% […] [40-50]% […] [40-50]% Suzuki […] [0-5]% […] [5-10]% […] [10-20]% Mazda - - […] [0-5]% […] [0-5]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Honda - - […] [0-5]% […] [0-5]% Fiat - - […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100.0% […] 100.0% […] 100.0% (217)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years: PSA had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014 and Opel had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014. (218)Renault-Nissan will continue to be the market leader with a market share of [40-50]% post-Transaction and the merged entity would continue to face competition from numerous other competitors. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XIII.Italy (219)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 46: Sub-compact SUV segment in Italy Italy – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [10-20]% […] [10-20]% Opel […] [20-30]% […] [10-20]% […] [10-20]% Combined […] [40-50]% […] [20-30]% […] [20-30]% Fiat […] [5-10]% […] [30-40]% […] [30-40]% Renault-Nissan* […] [30-40]% […] [20-30]% […] [10-20]% Ford […] [0-5]% […] [5-10]% […] [5-10]% Suzuki […] [0-5]% […] [5-10]% […] [5-10]% Mazda - - […] [0-5]% […] [0-5]% Honda - - […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (220)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been significantly declining in the past three years: PSA had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014 and Opel had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014. Conversely, Fiat achieved a market share increase of approximately [30-40]% in the last three years. (221)Fiat would continue to be the market leader with a market share of [30-40]% post-Transaction and the merged entity would continue to face competition from numerous other competitors of which Renault-Nissan has a significant market share. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XIV.Latvia (222)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 47: Sub-compact SUV segment in Latvia Latvia – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [5-10]% […] [5-10]% Opel […] [10-20]% […] [10-20]% […] [20-30]% Combined […] [30-40]% […] [20-30]% […] [30-40]% Renault-Nissan* […] [40-50]% […] [60-70]% […] [30-40]% Fiat - - […] [0-5]% […] [10-20]% Honda - - […] [0-5]% […] [5-10]% Suzuki […] [20-30]% […] [0-5]% […] [5-10]% Mazda - - […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [10-20]% Total […] 100% […] 100% […] 100% (223)The Parties achieved a combined market share of [30-40]% in 2016. PSA had a market share of [5-10]% and Opel had a market share of [20-30]%. Although the merged entity would become the market leader post-Transaction (PSA and Opel is currently the fourth and second biggest market players), it would continue to face competition from numerous competitors, of which two – Renault-Nissan and Fiat – have a significant market share. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XV.Luxembourg

(224)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 48: Sub-compact SUV segment in Luxembourg Luxembourg – SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [10-20]% […] [10-20]% Opel […] [20-30]% […] [10-20]% […] [10-20]% Combined […] [40-50]% […] [20-30]% […] [20-30]% Renault-Nissan* […] [40-50]% […] [30-40]% […] [30-40]% Fiat […] [0-5]% […] [20-30]% […] [10-20]% Suzuki […] [5-10]% […] [5-10]% […] [5-10]% Mazda - - […] [0-5]% […] [5-10]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Honda - - […] [0-5]% […] [0-5]% Volkswagen - - - - […] [0-5]% Hyundai […] [0-5]% […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100.0% […] 100.0% […] 100.0% (225)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years: PSA had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014 and Opel had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014. Conversely, Fiat achieved a market share increase of [10-20]% in the last three years. (226)Renault-Nissan would continue to be the market leader with a market share of [30-40]% post-Transaction and the merged entity would continue to face competition from numerous other competitors out of which Fiat has a significant market share. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XVI.The Netherlands (227)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 49: Sub-compact SUV segment in the Netherlands The Netherlands – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [20-30]% […] [10-20]% […] [20-30]% Opel […] [10-20]% […] [10-20]% […] [10-20]% Combined […] [40-50]% […] [30-40]% […] [30-40]% Renault-Nissan* […] [50-60]% […] [40-50]% […] [30-40]% Suzuki […] [0-5]% […] [5-10]% […] [5-10]% Mazda - - […] [5-10]% […] [5-10]% Fiat […] [0-5]% […] [5-10]% […] [5-10]% Ford […] [0-5]% […] [0-5]% […] [0-5]% Toyota - - - - […] [0-5]% Honda - - […] [0-5]% […] [0-5]% Others […] [0-5]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (228)The Parties achieved a combined market share of [30-40]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years: PSA had a market share of [20-30]% in 2016, decreasing from [20-30]% in 2014 and Opel had a market share of [10-20]% in 2016, decreasing from [10-20]% in 2014. Conversely, other competitors could establish a market presence at the same period. (229)Renault-Nissan would continue to be the market leader with a market share of [30-40]% post-Transaction and the merged entity would continue to face competition from numerous other competitors. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XVII.Norway (230)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 50: Sub-compact SUV segment in Norway Norway – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [30-40]% […] [10-20]% […] [10-20]% Opel […] [20-30]% […] [10-20]% […] [10-20]% Combined […] [50-60]% […] [20-30]% […] [20-30]% Mazda - - […] [20-30]% […] [20-30]% Suzuki […] [0-5]% […] [20-30]% […] [10-20]% Hyundai […] [10-20]% […] [10-20]% […] [10-20]% Honda - - […] [0-5]% […] [5-10]% Renault-Nissan* […] [20-30]% […] [10-20]% […] [5-10]% Toyota - - - - […] [0-5]% Ford - - - - […] [0-5]% Fiat […] [0-5]% […] [0-5]% […] [0-5]% Others […] [5-10]% […] [0-5]% […] [0-5]% Total […] 100% […] 100% […] 100% (231)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been significantly declining in the past three years: PSA had a market share of [10-20]% in 2016, decreasing from [30-40]% in 2014 and Opel had a market share of [10-20]% in 2016, decreasing from [20-30]% in 2014. Conversely Mazda could achieve a market share above [20-30]% in just two years. (232)Mazda would continue to be the market leader with a market share of [20-30]% post-Transaction and the merged entity would continue to face competition from numerous other competitors out of which two – Suzuki and Hyundai - have significant market shares. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction.

XVIII.Poland (233)The market shares of the Parties and their competitors were the following in the last 3 years.



Table 51: Sub-compact SUV segment in Poland Poland – Segment SUV-B Company Sales 2014 Sales 2015 Sales 2016 Units % Units % Units % PSA […] [10-20]% […] [5-10]% […] [5-10]% Opel […] [20-30]% […] [20-30]% […] [20-30]% Combined […] [30-40]% […] [30-40]% […] [20-30]% Renault-Nissan* […] [40-50]% […] [20-30]% […] [20-30]% Suzuki […] [0-5]% […] [10-20]% […] [10-20]% Fiat […] [0-5]% […] [10-20]% […] [10-20]% Mazda - - […] [0-5]% […] [10-20]% Honda - - […] [0-5]% […] [5-10]% Others […] [5-10]% […] [20-30]% […] [20-30]% Total […] 100% […] 100% […] 100% (234)The Parties achieved a combined market share of [20-30]% in 2016. It should be noted that both Parties' market shares have been declining in the past three years: PSA had a market share of [5-10]% in 2016, decreasing from [10-20]% in 2014 and Opel had a market share of [20-30]% in 2016, decreasing from [20-30]% in 2014. Conversely, the market presence of some other market players is steadily growing. (235)Although the merged entity would become the market leader post-Transaction (PSA and Opel are currently the seventh and the second biggest players), it would continue to face competition from numerous competitors of which Renault-Nissan, Suzuki, Fiat and Mazda have significant market shares. Competitors also all indicated in the market investigation that there would be a significant number of alternative manufacturers post-Transaction. XIX.Portugal (236)The market