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,  6.12.2021  
C(2021)  9125 final  
PUBLIC VERSION 
Compagnie Générale de Location 
d'Equipements  S.A.  
69 Avenue de Flandre  
59708 Marcq- en-Baroeul  
France  
 Hyundai Capital Services, INC. 
3, Uisadang -daero, Yeongdeungpo -gu 
07237 Seoul  
South Kore a 
Subject : Case M.10463 – SOCIÉTÉ GÉNÉRALE / HYUNDAI MOTOR 
COMPANY / 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 November 2021, the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which Compagnie 
Générale de Location d’Equipements S.A. (‘CGL’, France), controlled by Société 
Générale, S.A. (‘Société G énérale’, France) , and Hyundai Capital Services Inc. 
(‘HCS’, South Korea), controlled by Hyundai Motor Company (South Ko rea), acquire 
within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control  
of the undertaking Sefia SAS (the ‘JV’, France), controlled by Société Générale. The concentration is accomplished by way of purchase of shares.
3 
2. The business activities of the undertakings concerned are:  
− for CGL: a credit institution which is active in the financing of capital goods (cars, boats, mobile homes), the consolidation of consumer or real estate loans 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning 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 467, 19.11.2021 , p. 6. 

2 and the financing of the stocks of the pa rtners suppliers of goods. CGL is part of 
the Société Générale group, a French financial services group active in several 
EEA Member States,  
− for HCS: the financial services arm of the Hyundai Motor Company,  
− for the JV: offering automotive financing solutions, e.g. loans and leases, and 
related services, such as distributing insurances.  
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 6 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)  
Olivie r GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.