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,  08.06.2020  
C(2020 ) 3901 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M .9844  – SOCIÉTÉ GÉNÉRALE / MITSUBISHI / JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 11 May 2020 , the  European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings ALD S.A. (‘ALD’, France), controlled by Société Générale (France ) and 
Mitsubishi UFJ Lease & Finance Company Limited (‘Mitsubishi’, Japan) , acquire 
within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation joint control 
of a newly created company con stituting a joint venture  (‘the JV’) by way of purchase 
of shares .3 
2. The business activities of the undertakings concerned are:  
 for ALD:  provides full service vehicle leasing and fleet management to large 
corporates, small to medium sized companies and private individuals across 43 
countries. ALD is controlled by Société Générale, a financial services group  
active in France and worldwide;  
 for Mitsubishi:  active in Japan and globally , providing a variety of financial 
services including finance lease, operating lease focused on asset values, auto 
lease, real estate leases etc. It is also involved in rental services, trading of used 
equipment, insurance operations and services to customers;  
 for the JV:  will provide a multi -brand, full service operational  leasing and fleet 
management business with related mobility products in Malaysia.  
                                                 
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 171, 19.05.2020 , p. 9. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under  Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .