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, 5.3.2020  
C(2020 ) 1542 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9739  – AXA / GROUPE CREDIT AGRICOLE / ELL 
LUXEMBOURG 2  
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 February 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which AXA Real 
Estate Investment Managers France (" AXA REIM France", France), ultimately 
control led by AXA S.A. ("AXA", France) and Predica Prévoyance Dialogue du Crédit 
Agricole S.A ( "Predica ", France), a wholly -owned subsidiary of Crédit Agricole 
Assurances ("CAA", Fra nce), itself a wholly -owned subsidiary of Groupe Crédit 
Agricole ("GCA", France) acquire within the meaning of Article 3(1)(b) of the Merger 
Regulation joint control over the whole of the  undertaking ELL Luxembourg 2 S.à r.l. 
("ELL", Luxembourg)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for AXA REIM France: an asset and fund manager which is predominantely 
active in Europe and is ultimately controlled by AXA, a global insurance group, 
active in life, health and other forms of insurance, as well as investment 
managem ent. 
 for Predica: active in the life and health insurance sector, in France. Predica 
belongs to GCA, a global group offering a wide range of banking  and insurance 
related services.  
                                                 
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 56, 19.02.2020 , p. 13. 

2  for ELL: leasing   of electric locomotives; its locomotives are designed for 
international and cross -border traffic and are operated all across continental 
Europe.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation fall s within the scope of the Merger  Regulation  and of 
paragraph 5 (b) 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 p rocedure, 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 Art icle 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .