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 -MERGE R-REGISTRY@ec.europa.eu .  EUROPEAN COMMISSION  
Brussels, 22.06.2022  
 C(2022 ) 4441 final   
PUBLIC VERSION  
 
 
VGRD GmbH  
Wolfsburger Landstraße 22/22 a/22 b  
38442 Wolfsburg  
Germany  
Subject : Case M. 10714 – VGRD  / ASSETS OF AUTO -HOLDING DRESDEN  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
No 139/20041 and Article 57 of the Agreement on the European Economic 
Area2 
Dear Sir or Madam,  
(1) On 13 May 2022 , the European Commission received notification of a proposed 
concentration p ursuant to Article 4 of the Merger Regulation , by which VGRD  
GmbH (“VGRD”, Germany), a wholly -owned subsidiary of Volkswagen AG 
(“VW AG ”, Germany ), belonging to the Volkswagen Group  (“VW Group”) , 
acquires sole control within the meaning of Article 3(1)(b) of the Merger 
Regulation of certain assets of Auto -Holding -Dresden (“the Target”, Germany), 
presently owned by  Auto -Holding -Dresden (Germany).3 The concentration is 
                                                 
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 206 , 23.5.2022, p. 18.  
In the published version of this decision, 
some information has been omitted 
pursuant to Article 17(2) of Council 
Regulation (EC) No 139/2004 concerning 
non-disclosure of business secrets and other  
confidential information. The omissions are 
shown thus […] . Where possible the 
information omitted has been replaced by 
ranges of figures or a general description.  
 
 
2 accomplished by way of purchase of assets.  VGRD  is referred to as the “Notifying 
Party”. VGRD and the Target are collectively referred to as the Parties.  
1. THE  PARTIE S  AND THE  OPE RATION  
(2) VGRD operates car repair premises and car dealer outlets in Germany. VW Group, 
to which it belongs, is active worldwide in the development, manufacture, 
marketin g and sale of passenger cars (“ PCs”), light commercial vehicles (“ LCVs ”), 
trucks, buses, coaches, chassis for buses and diesel engines, and motor bikes, each 
including spare pa rts and accessories.  VW Group also engages in vehicle 
distribution.4 
(3) The Target  business consists of six VW dealership outlets in the metropolitan area 
of Dresden, Germany. The assets subject to this Transaction  include vehicles, 
employees and other fixed and current assets at the following six sites currently 
operated by Auto -Holding -Dresden, as well as customer relationships:  
 Autohaus Jörg Pattusch: Kesselsdorfer Straße 300, 01169 Dresden, Germany;  
 Auto Zentrum Dresden: Hamburger Straße 24/28, 01067 Dresden, Germany;  
 Autohaus Holm Wirthgen: Großenhainer Straße 81 -83, 01127 Dresden, 
Germany;  
 Autohaus Jan Wirthgen: Wilsdruffer Straße 37, 01705 Freital, Germany;  
 Autohaus Dresden Reick: Liebstädter Straße 5, 01277 Dresden, Germany;  
 Auto Dresden Nord: Wilsdruffer Straße 37, 01705 Freital, Germany.  
(4) The Target is active in the retail distri bution of new and used passenger cars and 
light commercial vehicles of the VW Group Brands, VW -branded OEM spare 
parts, non -OE spare parts and related services in the metropolitan area of Dresden. 
The Target is an exclusive VW dealer and, therefore, the Transaction  would result 
in the vertical integration within the VW Group of a retail distributor of VW -
branded vehicles, spare parts and related services.  
(5) The notified Transaction  is an acquisition of sole control by VGRD, which is a 
wholly -owned subsidiary of VW AG, over the Target through a transfer of assets. 
The Operation therefore constitutes  a concentration within the me aning of Article 3 
(1)(b) EUMR.  
2. EU DIME NSION  
(6) The undertakings concerned have a combined aggregate world wide turnover of 
more than EUR 5  000 million  (VW AG: EUR […] million; Target: EUR […] 
million )5. Each of them has a  EU-wide turnover in excess of EUR 250 million  (VW 
AG: EUR […] million; Target: EUR […] million), but VW does  not achieve more 
                                                 
4 VW Group includes the vehicles brands Volkswagen Passenger Cars, Volkswagen Commercial 
 Vehicles, Porsche, Audi, Škoda, SEAT, Bentley, Bugatti, Lamborghini, MAN, Scania and Ducati (the 
 “VW Group Brands”).  
5  Turnover calculated in accordance with Article 5 of the Merger Regulation.  
 
 
3 than two -thirds of its aggregate EU-wide turnover within one and the same 
Member State  as the Target . The notified operation  therefore has a n EU dimension.  
3. COMPE TITIVE ASSE SSME N T 
(7) The Parties’ activities overlap horizontally and are vertically linked on a number of 
markets in the wholesale and retail distribution of new and used PCs and LCVs, in  
the manufacture and distribution of the related original equipment (“OE”) spare  
parts, and related services in Germany.  
(8) The following horizontal overlaps do not give rise to affected plausible market s: 
(i) retail distribution of new PCs and LCVs (both combined and separately) in the 
metropolitan area of Dresden, the Federal State of Saxony, Germany or at EEA -
wide level; (ii) retail distribution of used PCs and LCVs  (both combined and 
separately) in the metropolitan area of Dresden, the Federal State of Saxony, 
Germany or at EEA -wide level ; (iii) retail distribution of VW -branded OE spare 
parts  in the metropolitan area of Dresden, the Federal State of Saxony or in 
Germany ; (iv) retail distribution of non-OE spare parts  in the metropolitan area of 
Dresden, the Federal State of Saxony or in Germany ; (v) repair and mai ntenance of 
automotive vehicles i n the metropolitan area of Dresden, the Federal State of 
Saxony or Germany ; and (vi) short -term car rentin g in Germany or locally.  
(9) The following vertical links do not give rise to affected plausible markets:  
(i) wholesale and retail distribution of new PCs and LCVs (both combined and 
separately) at EEA -wide level; (ii)  wholesale and retail distribution of used  PCs 
and LCVs (both combined and separately) in the metropolitan area  of Dresden , the 
Federal State of Saxony, Germany or at EEA -wide level; (iii)  wholesale and retail 
distribution of new LCVs in the metropolitan area of Dresden, the Federal State of 
Saxon y and at national level; and (iv)  wholesale and retail distribution of  non-OE 
spare parts in the metropolitan area of Dresden , the Federal State of Saxony, 
Germany or at EEA -wide level.  
(10) The transaction, however, gives rise to the following vertically affec ted markets : 
(a) wholesale distribution of n ew PCs  in Germany or the EEA (upstream)  and 
retail distribution of new PCs in the EEA, in Germany or locally (in Saxony 
or in the metropolitan area of Dresden) (downstream) and  
(b) wholesale distribution of VW -branded OE  spare parts in Germany  or the 
EEA (upstream) and retail distribution of VW -branded OE spare parts in 
Germany or locally (in Saxony or in the metropolitan  area of Dresden) 
(downstream).  
 
 
4 3.1. Market definition  
3.1.1.  Wholesale distribution of new PCs and  LCVs  
3.1.1.1.  Product  market definition  
(11) In previous decisions, the Commission has distinguished between the wholesale  
and retail distribution of vehicles6. The Commission has concluded that the 
wholesale distribution of new PCs  and the wholesale distribution of new LCVs  are 
separate markets and that it was not necessary to conduct a further segmentation by 
car type (e.g., mini cars, small or medium cars, etc.), as manufacturers usually 
distribute different car types covering different market segments under the same 
distribution  channel7.  
(12) The Notifying Party does not contest the above market definitions.8 
(13) The Commission will retain the  product market definition provided in its past 
decisional practice as described in paragraph  (11). The market investigation did not 
produce any evidence indicating that the Commission’s case practice is no longer 
valid. The Commission will therefore analyse the effects of the Proposed 
Transaction  on the market for wholesale distribution of new PCs . 
3.1.1.2.  Geographic market definition  
(14) In its previous decisional practice, the Commission has left open whether the 
geographic market for the wholesale distributi on of new PCs and LCVs is to be 
considered  EEA-wide, national or even local in scope9. 
(15) The Notifying Party submits that it considers the relevant wholesale markets to be 
at least national in scope, as wholesalers (importers) of new PCs and LCVs are 
generally active at national level  and in many cases al so across several Member 
States.10 
(16) The Commission will retain the  geographic  market definition provided in its past 
decisional practice as described in paragraph (14). The market investigation did not 
produce any evidence indicating that the Commission’s case practice is no longer 
valid. The C ommission considers that  the scope of the geographic market can be 
left open, as the Transaction  does not raise serious doubts , whether the geographic 
market is  considered EEA -wide, national  or even local  in scope.  
                                                 
6  Commission decision of 21 December 2020, COMP/M.9730 – FCA / PSA ; Commission decision of 
17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission decision of 5 July 2017, 
COMP/M.8449 – Peugeot / Opel ; Commission de cision of 23 July 2008, COMP/M.5250 – Porsche / 
Volkswagen .  
7  Commission decision of 17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission 
decision of 5 July 2017, COMP/M.8449 – Peugeot / Opel ; Commission decision of 19 December 
2011, COMP/ M.6403 Vol kswagen / KPI Polska / Skoda Auto Polska / VW Bank Polska / VW Leasing 
Polska ; Commission decision of 21 January 1992, COMP/M.182 – Inchcape / Iep . 
8  Form CO, paragraph 71.  
9  Commission decision of 21 December 2020, COMP/M.9730 – FCA / PSA ; Commission decision of 
17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission decision of 5 July 2017, 
COMP/M.8449 – Peugeot / Opel ; Commission decision of 16 October 2015, COMP/M.7747 – PGA / 
MSA . 
10  Form CO, paragraph 105.  
 
 
5 3.1.2.  Retail distribution of new PCs and LCVs  
3.1.2.1.  Product market definition  
(17) In previous decisions, the Commission has distinguished between the retail 
distribution of PCs and LCVs. The Commission has also found that further sub -
segmentation is not appropriate.11 
(18) The Notifying Party does not contest the above market definition.12 
(19) The Comm ission will retain the product market definition provided in its past 
decisional practice as d escribed in paragraph (17). The market investigation did not 
produce any evidence indicating that the Commission’s case practice is no longer 
valid. The Commission will therefore analyse the effects of the Proposed 
Transaction  on the market for retail distribution of PCs on the one hand and the 
retail distribution of LCVs on the other hand.  
3.1.2.2.  Geographic market definition  
(20) In previous decisions, the Commission has left open whether the geographic 
market for these activities is EEA -wide, national or sub -national in scope13. As 
regards the retail distribution of used vehicles, the Commission concluded in 
previous cases that the geographic scope could be considered sub -national, 
although it left the definition of the market open between EEA -wide, national or 
sub-national.14 
(21) The Notifying Party notes that the German Federal Cartel Office did not yet  
conclude on the exact geographic scope of retail distribution markets for (new or 
used) PCs and LCVs.15 Nonetheless, the Notifying Party considers the relevant 
retail market to be national in scope as customers increasingly use the internet to 
compare pric es across the country (in particular with respect to used cars) and are 
willing to travel longer distances to buy a vehicle, exemplified by increasing 
interest in factory pick -up. In any event, the Notifying Party considers that the 
exact definition of the  geographic scope of the market can be left open.16 
(22) The Commission will retain the  geographic  market definition provided in its past 
decisional practice as described in paragraph (20). The market investigation did not 
produce any evidence indicating that the Commission’s case practice is no longer 
valid. The Commission considers that, in any case, the scope of the geograph ic 
market can be left open, as the Transaction does not raise serious doubts under any 
                                                 
11  Commission decision of 17 June 2020, COMP/M.9839 – VGRD / Auto Wichert Assets; Commission 
decision of 5 July 2017, COMP/M.8449 – Peugeot / Opel ; Commission decision of 16 October 2015, 
COMP/M.7747 - PGA / MSA ; Commission decision of 22 July 2002,  COMP/M.28 32 – General 
Motors / Daewoo Motors.  
12  Form CO, paragraph 74.  
13  Commission decision of 17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission 
decision of 16 October 2015, COMP/M.7747 – PGA / MSA . 
14  Commission decision of 13 November 2012, COMP/M.6718 – Toyota Tsusho Corporation/CFAO . 
15  The only relevant decision concerning distribution of PCs and LCVs the Notifying Party is aware of 
is BKartA, 26.10.2012, Az. B9 -32/12 – General Motors / PGA , where t he Federal Cartel Office may 
have leaned towards national markets but ultimately left the exact geographic market definition open.  
16  Form CO, paragraph 109.  
 
 
6 alternative market definition, whether EEA-wide, national or sub -national (i.e. in 
this case Saxony or the metropolitan area of Dresden).  
3.1.3.  Wholesale distribution of OE sp are parts  for PCs and LCVs  
3.1.3.1.  Product market definition  
(23) In previous decisions, t he Commission has found that there are separate markets for 
the wholesale distribution of OE spare parts and non -OE spare parts and that the 
wholesale distribution of OE spare pa rts is brand -specific17. The Commission 
further considered a segmentation of the market between categories of vehicles, i.e. 
light vehicles (PCs and LCVs) and heavy vehicles18, but without any sub -
segmentation by product19. 
(24) The Notifying Party agrees  to follo w this approach in the case at hand.20 
(25) The Commission will retain the product  market definition provided in its past 
decisional practice as described in paragraph  (23). The market investigation did not 
produce any evidence indicating that the Commission’s case practice is no longer 
valid. The Commission will therefore analyse the effects of the Proposed 
Transaction  on the market for wholesale distribution of brand -specific OE spare 
parts for PCs and LCVs on the one hand and on the market for  wholesale  
distribution of non -OE spare parts for PCs and LCVs on the other hand.  
3.1.3.2.  Geographic market definition  
(26) The Com mission has stated in a number of decisions that the wholesale distribution 
markets could be either EEA -wide or national, but ultimately left open the ir exact 
geographic scope21. 
(27) The Notifying Party claims that the exact definition of the geographic scope o f the 
market can be left open, although it considers the relevant market to be national in 
scope, as customers increasingly search for OE spare parts via online platforms and 
spare parts purchased online can be delivered across Germany.  When zooming into 
the local level, the Notifying Party considers the metropolitan area of Dresden to be 
the narrowest plausible geographic scope of the market for the purpose of this 
case.22 
                                                 
17  Commission decision of 17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission 
decision of 10 September 2018, COMP/9070 – Eurocar/Vicentini ; Commission decision of 12 May 
2011, COMP/M.6063 – Itochu/Speedy . 
18  Commission decision of 17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission 
decision of 10 Septemb er 2018, COMP/9070 – Eurocar/Vicentini ; Commission decision of 26 
November 2014; COMP/M.7401 – Blackstone/Alliance BV/Alliance Automotive Group . 
19  Commission decision of 17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission 
decision of 10 Se ptember 2018, COMP/9070 – Eurocar/Vicentini ; Commission decision of 28 
October 2016, COMP/M.8198 – Alliance Automotive Group/FPS Distribution ; Commission decision 
of 26 November 2014, COMP/M.7401 – Blackstone/Alliance BV/Alliance Automotive Group ; 
Commissi on decision of 30 September 2011, COMP/M.6319 – Triton/Europart .  
20  Form CO, paragraph 84.  
21  Commission decision of 17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission 
decision of 10 September 2018, COMP/9070 – Eurocar/Vicentini ; Commissi on decision of 26 
November 2014, COMP/M.7401 – Blackstone/Alliance BV/Alliance Automotive Group . 
22  Form CO, paragraphs 114 -115. 
 
 
7 (28) The Commission will retain the  geographic  market definition provided in its past 
decisional practice as described in paragraph (26). The market investigation did not 
produce any evidence indicating that th e Commission’s case practice is no longer 
valid. The Commission considers that, in any case, the scope of the geographic 
market can  be left open, as the Transaction  does not raise serious doubts whether 
the geographic  market is considered EEA-wide or national in scope.  
3.1.4.  Retail distribution of OE spare parts for PCs and LCVs  
3.1.4.1.  Product market definition  
(29) In previous decisions, the Commission has distinguished between the distribution 
of OE spare parts and non -OE spare parts for PCs and LCVs and considered that 
the retail distribution of OE spare parts is brand -specific.23 
(30) The Notifying Party does not contest the above market definition.24 
(31) The Commission will retain the  product  market definition provided in its past 
decisional practice as described in paragraph (29). The market investigation did not 
produce any evidence indicating that the Commission’s case practice is no longer 
valid. Therefore, for the purposes of this Decision, the Commission  considers the 
relevant product markets to be that of the retail distribution of brand -specific  OE 
spare parts for PCs and LCVs on the one hand and the retail distribution  of non -OE 
spare parts for PCs and LCVs on the other hand.  
3.1.4.2.  Geographic market definition  
(32) In previous decisions, the Commission has considered that the retail distribution of 
OE spare parts could be either national or sub -national, but ultimately left open the  
exact definition.25 
(33) The Notifying Party claims that the ex act definition of the geographic scope of the 
market can be left open, although it considers the relevant market to be national in 
scope because customers can increasingly search for OE spare parts online across 
Germany and have them installed by independe nt repair shops. When zooming into 
the local level, the Notifying Party considers the metropolitan area of Dresden to be 
the narrowest plausible geographic scope of the market for the purpose of this case.  
(34) The Commission will retain the  geographic  market d efinition provided in its past 
decisional practice as described in paragraph (32). The market investigation did not 
produce any evidence indicating that the Commis sion’s case practice is no longer 
valid. The Commission considers that, in any case, the scope of the geographic 
market can be left open, as the Transaction  does not raise serious doubts whether 
the geographic market is considered national or sub -national (i.e. in this case 
Saxony or the metropolitan area of Dresden) in scope.  
                                                 
23  Commission decision of 17 June 2020, COMP/M. 9839 – VGRD / Auto Wichert Assets ; Commission 
decision of 10 September 2018, CO MP/9070 – Eurocar/Vicentini ; Commission decision of 26 
November 2014, COMP/M.7401 – Blackstone/Alliance BV/Alliance Automotive Group . 
24  Form CO, paragraph 89.  
25  Commission decision of 10 September 2018, COMP/M.9070 – Eurocar/Vicentini ; Commission 
 decision of 13 November 2012, COMP/M.6718 – Toyota Tsusho Corporation/CFAO . 

 
 
9 3.2.2.1.  The Notifying Party’ s view  
(37) The Notifying Party submits that the Transaction does not enable nor incentivise 
VW Group to engage in input or customer foreclosure strategies post -transaction. 
According to its submissions, on the one hand, there would be no room for post -
transaction customer foreclosure , as t here are plenty of other retailers constituting a 
sufficient customer base for upstream suppliers of PCs . The Transaction would not 
even reduce the customer base of other upstream suppliers as already pre -
transaction, the VW dealershi p outlets to be acquired by VGRD exclusively 
distributed vehicles of the VW Group brands.27 On the other hand, the Transaction 
does not enable  VW Group to engage in input foreclosure  towards downstream 
competitors post -transaction: (i) the distribution chai ns do not change, since 
already pre -transaction, VW is the only supplier of the Target concerning new PCs, 
(ii) the relevant market not being brand -specific, a potential input foreclosure 
would only affect a part of the market, i.e. VW -branded new PCs and (iii) even for 
VW-branded new PCs, there are sufficien t alternative sources of supply, [VW 
Group’s authorized dealers can sell VW -branded vehicles to other authorized 
dealers] .28 VW Group would not have an incentive  either to foreclose its 
downstream competitors post -transaction, [in light of VW Group’s distribution 
strategy] .29 
3.2.2.2.  The Commission’s assessment  
(38) An input or customer foreclosure strategy  seems  to be unlikely for the following 
reasons .  
(39) With regard to customer forecl osure , on the one hand, the Target dealership outlets 
are already exclusive customers of the VW group. Their acquisition by VGRD 
therefore does not deprive upstream suppliers of PCs of oth er OEMs of potential 
customers. In addition, any  customer foreclosur e seem s particularly unlikely as 
VGRD has only a very small market share downstream for  the market for retail 
distribution of new PCs ( below 5%  on all potential segmentations ) meaning that 
VW group’s competitors would still be able to sell their vehicles t o a very large 
number of car dealers at retail level . 
(40) With regard to input foreclosure , on the other hand, there are sufficient alternative  
sources of suppl y. In case the VW Group decided to stop selling to downstream 
competitors selling VW-branded vehicle s, those car dealers could still source VW -
branded vehicles from other authorised dealers, as is required by Art. 4(c) of the 
Commission Regulation (EU) 2022/720 . 
(41) Finally, none of the p articipants in the market investigation voice d any 
substantiated concerns related to input or customer foreclosure in the markets for 
wholesale and retail distribution of new PCs . 
(42) The Commission therefore considers that the Transaction  is unlikely to reduce 
competition in the market for the retail distribution of new PCs in the EEA, in 
Germany , in the Federal State of Saxony  or in the  metropolitan area of Dresden . 
                                                 
27  Form CO, paragraphs 205 -206. 
28  Form CO, paragraph 208.  
29  Form CO, paragraph 209.  

 
 
11 spare parts to other dealers operating at the retail level, namely VW service 
partners and  independent repairers , as VW Group enjoys a monopoly upstream.  
(48) With regard to input foreclosure , concerning the  wholesale distribution of VW -
branded OE spare parts, the Commission considers VW does not to have the ability 
nor an incentive  to foreclose downstream competitors, given the nature of VW’s 
distribution strategy and given the fact that the Target’s presenc e is limited to one 
metropolitan area. More precisely, VW will have an incentive to supply VW 
service partners and independent car repair shops in other regions in order to 
maintain its distribution system in all of Germany.  Therefore, a foreclosure strate gy 
limited to the metropolitan area  of Dresden  would be very likely to fail, as 
downstream competitors will continue to have access to spare parts from other 
service partners located in regions where the merged entity will not be active.  
(49) Concerning  retail distribution of VW -branded OE spare parts on national or local 
level, the Commission does not see a foreclosure risk either, given the limited 
activities of the Parties in Germany , the fact that VW Group is already active pre -
Transaction  both at the wholesale and the retail level in Germany, as well as the 
moderate nation -wide market share of VW (<10%) and the negligible increment 
resulting from the Transaction <[0-5]%. Finally, none of the participants in the 
market investigation voiced any substantiated concerns related to input or customer 
foreclosure in the markets for w holesale and retail distribution of VW-branded OE 
spare parts.  
(50) Thus, no competition concerns will arise in relation to the vertical link between the  
wholesale and the r etail distribution of VW -branded OE spare parts for PCs and  
LCVs in the metropolitan area of Dresden , Saxony  or in Germany.  
3.2.4.  Conclusion on vertically affected markets  
(51) The Commission considers that the Transaction  does not raise serious doubts as to 
its comp atibility with the internal market as a result of non -horizontal effects either 
in the market for the distribution of new PCs or in the market for the distribution of 
VW-OE spare parts , in any plausible geographic market . In the market for the 
distribution  of new PCs, this is mainly due to the limited market share of the 
merged entity downstream at retail level well below 10% . In the market for the  
distribution of VW -OE spare parts, this is due to the Target’s limited geographic 
scope of activities, the fact that VW will need to continue to supply its OE spare 
parts across Germany, and that downstream competitors in the metropolitan area of 
Dresden  can source VW -OE spare parts from across Saxony  and Germany  post-
transaction . 
 
 
12 4. CONCLUSION  
(52) For the above reasons, 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)  
Margrethe VESTAGER  
Executive Vice-President