Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERG ER REGISTRY, 1049 Brussel,  BELGIË 
 Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION 
Brussels, 18.12.2017 
C(2017) 9020 final 
 
 
To the notifying parties 
 
Subject: Case M.8708 - SOCIETE GENERA LE / BNP PARIBAS / POWERHOUSE 
FRANCE 
Commission decision pursuant to Articl e 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreemen t on the European Economic Area2  
Dear Sir or Madam, 
1. On 16 November 2017, the European Commissi on received notifica tion of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by wh ich the undertakings 
Sogecap S.A ("Sogecap", France), belonging to the Société Générale group, Cardif Assurance Vie S.A ("Cardif", France) and BNP Paribas Diversipierre OPCI 
("Diversipierre", France), both belonging to the BNP Pari bas group, acquire within the 
meaning of Article 3(1)(b) of the Merger Regulation joint control over the whole of the 
undertaking Powerhouse France SAS ("Powerh ouse France", France) by way of purchase 
of shares.
3 
2. The business activities of the undertakings concerned are: 
— for Sogecap: offers a full range of life in surance savings and protection products to 
Société Générale’s Retail and Private Banking networks. Société Générale group is notably 
active in internationa l retail banking, financ ial services and corporate and investment 
banking, 
— for Cardif: active in the lif e insurance sector and owned by the BNP Paribas group, a 
French listed banking group main ly active in retail banki ng and services as well as 
corporate and institutional banking, 
                                                 
1 OJ L 24, 29.1.2004, p. 1 (the 'Mer ger Regulation'). With effect from  1 December 2009, the Treaty on the 
Functioning of the European Union ('TFEU') has intr oduced certain changes, su ch as the replacement of 
'Community' by 'Union' and 'common market' by 'interna l 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 398, 24.11.2017, p. 3. 
PUBLIC VERSION 
2 — for Diversipierre: active in real estate investment and managed by BNP Paribas REIM 
France, 
— for Powerhouse France: owns a portfolio of  residential propertie s located in several 
French Départements  (among others, Seine-Maritime, Se ine-et-Marne, Ain, Loiret, Isère, 
Nord, Pas-de-Calais). The reside ntial properties are leased to  EDF for the benefit of EDF 
group’s employees. 
3. After examination of the notification, the Eu ropean Commission ha s concluded that the 
notified operation falls within the scope of the Merger Regulation and of  paragraph 5(c) 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 simp lified procedure, the European Commission 
has decided not to oppose the notified operati on 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 Regulati on and Article 57 of the EEA Agreement. 
For the Commission 
(signed) 
Johannes LAITENBERGER Director-General 
                                                 
4  OJ C 366, 14.12.2013, p. 5.