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, 18.6.2021 
C(2021)  4613 final  
PUBLIC VERSION 
Toyota Financial Services Cor poration  
Nagoya Lucent Tower  
6-1 Ushijima -cho, Nishi -ku 
Nagoya -shi 
Aichi 451- 6015 
Japan  
 Mitsui & Co., Ltd.  
2-1, Otemachi 1chome, Chiyoda -ku 
Tokyo 100- 8631 
Japan  
Subject : Case M.10279 – TFS / MITSUI / MAF COLOMBIA 
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 May 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Toyota Financial Services Corporation (‘TFS’, Japan), a wholly owned 
subsidiary of Toyota Motor Corporation (‘TMC’, Japan)  and Mitsui & Co., Ltd. 
(‘Mitsui’, Japan)  acquire within the meaning of Article 3(1)(b) and Article  3(4) of the 
Merger Regulation joint control of the undertaking MAF Colombia SAS (‘MAF 
Colombia’, Colombia), currently controlled by Mitsui. T he concentration is 
accomplished  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− TFS offers financial services, including auto sales financing, credit cards and 
insurance services as well as vehicle sales financing  and leasing services for 
                                                 
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 209, 2.06.2021 , p. 26. 

2 individuals and businesses globally. TMC is engaged in the manufacture, sale, 
leading and repair of motor vehicles, ships, aircraft and other transportation equipment, as well as the sale of material -handling equipment worldwide,  
− Mitsui offers general trading activities. It conducts its business activities globally in areas ranging from product sales, worldwide logistics and financing,  
− MAF Colombia provides auto loan services to consumers in Colombia. 
3. After examination of the notif ication, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5 (a) 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)  
Olivier GUERSENT  
Director -General  
  
                                                 
4  OJ C 366, 14.12.2013, p. 5.