Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 9.10.2019  
C(2019 ) 7375 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9551  – TOYOTA / PANASONIC / PRIME LIFE 
TECHNOLOGIES JV  
Commission decision pursuant to Article 6(1)(b) of Counc il Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 10 September 2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Toyota Motor 
Corporation ( “Toyota”, Japan)  and Panasonic Corporation ( “Panasonic”, Japan) , 
acquire within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation joint 
control over Prime Life Technologies Corporation  (“the JV”, Japan)  by way of 
purchase  of shares  in a newly created company con stituting a joint venture .3 Toyota 
and Panasonic will contribute several companies currently owned by either Toyota or 
Panasonic to the JV  which, in return will issue new shares to them  (share transfer 
under Japanese corporate law).  
2. The business activities of the undertakings concerned are:  
 for Toyota : primarily active in the design, manufacture, assembly and sale of 
passenger vehicles, minivans and commercial vehicles (such as trucks) a nd 
related parts and accessories globally , in real estate business in Japan, 
Indonesia, Australia and the United States and in elderly care services in 
Japan . 
 for Panasonic: primarily active in the development, manufacture, and sale of a 
wide range of audi o-visual and communication products, home appliances, 
electronic components and devices (including batteries), industrial and other 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 315, 19.9. 2019 , p. 8. 

2 products globally , in real estate business in Japan, Taiwan, Malaysia and 
Indonesia and in elderly care services in Japan . 
 for the JV: to be active in  construction services, housing construction, home 
remodelling and/or elderly care services   mainly in Japan.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within t he scope of the Merger  Regulation  and of 
paragraph 5 (a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .