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,  19.10.2020  
C(2020 ) 7275 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9904  – SCUK / VOLVO / VOLVO CAR FINANCIAL SERVICES 
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 25 September 2020,  the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Volvo Car Corporation (‘Volvo Cars’, Sweden)  and Santander 
Consumer (UK) PLC (‘SCUK’, U.K.)  acquire within the meaning of Article 3(1)(b) 
and 3(4) of the Merger Regulation joint control over the whole of the undertaking 
Volvo Car Financial  Services UK Limited (‘VCFS’)  by way of purchase of shares  in a 
newly created company constituting a joint venture .3 
2. The business activities of the undertakings concerned are:  
 Volvo Cars is a Swedish multinational automobile manufacturing company 
operating  in the automotive industry with business relating to the design, 
development, manufacturing, marketing and sale of passenger cars and spare 
parts. Volvo Cars is controlled by Zhejiang Geely Holding Group Limited  
(‘Geely Group’), which is in turn majorly o wned and controlled by Mr. Li 
Shufu. The Geely Group is an automobile manufacturer, engaged in the 
development, production and sales of passenger vehicles worldwide, 
headquartered in China.  
 SCUK is ultimately indirectly owned by Banco Santander S.A. and Santusa 
Holding S.L., the top parent compan ies of a Spanish -based financial group mainly 
active in retail banking, asset management, corporate and investment banking, 
                                                 
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 327, 05.10.2020 , p. 20.  

 
2 treasury and insurance (Santander Group). The Santander Group has presence 
throughout Eur ope, the United States of America, Latin America and Asia.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission Noti ce 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 t o 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 .