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, 1.6.2022  
C(2022 ) 3752 final  
PUBLIC VERSION  
ITOCHU Corporation  
5-1 Kita -Aoyama 2 -Chome, Minato -
Ku 
Tokyo 107 -8077  
Japan  
 
ISUZU Motors Ltd  
6-26-l Minami -Oi, Shinagawa -ku 
Tokyo 140 -8722  
Japan  
Subject : Case M. 1073 6 – ITOCHU  / ISUZU MOTORS / 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 4 May 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  the 
undertaking (s) ITOCHU Corporation (“Itochu”, Japan)  and ISUZU Motors Ltd. 
(“Isuzu”, Japan),  will acquire within the meaning of Article 3(1)(b)  and 3(4)  of the 
Merger Regulation joint control over the whole of the undertaking Isuzu Leasing 
Services Limited (“ILS”, Japan), and Isuzu UMAX Corporation (“UMAX”, Japan), 
both currently solely controlled  by Isuzu , by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 for Itochu:  trading company  active in the import , export and overseas trading in a 
wide range of industries including textile, machinery, met als, minerals, energy, 
chemicals, food, information and commun ications technology and finance;  
                                                 
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 introduc ed 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 193, 12.5.2022 , p. 21-22. 

2  for Isuzu: company active in the  manufacture and supply of motor vehicles as 
well as engine components. Its products include pick up, light and heavy duty 
trucks  and buses ; 
 for ILS: company active in commercial vehicle leasing and commercial vehicle 
maintenance contract services  exclusively in Japan; and,  
 for UMAX: company active in the truck auction business, the purchase and sale 
of used trucks, as well as the online trade of used trucks exclusively in Japan.  
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 s 5(a) and (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 procedure, the European 
Commission has decided not to oppose the notified operation a nd 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 .