Prior notification of a concentration (Case M.7367 — CNP/Santander/Santander Irish insurance subsidiaries) — Candidate case for simplified procedure  Text with EEA relevance
Date: 2014-11-07
Institutions: European Commission
Subjects: Germany, Ireland, Italy, Poland, Spain, economic concentration, financial services, insurance company, life assurance, merger control, provision of services








C_2014392EN.01000201.xml










7.11.2014   


EN


Official Journal of the European Union


C 392/2





Prior notification of a concentration
(Case M.7367 — CNP/Santander/Santander Irish insurance subsidiaries)
Candidate case for simplified procedure
(Text with EEA relevance)
2014/C 392/02






1.


On 30 October 2014, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertakings CNP Assurances SA (‘CNP Assurances’, France) and Banco Santander, SA (‘Santander’, Spain) acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the undertakings Santander Insurance Life Limited (‘SIL’, Ireland), Santander Insurance Europe Limited (‘SIEL’, Ireland and Santander Insurance Services Ireland Limited (‘SISIL’, Ireland) by way of purchase of shares. SIL, SIEL and SISIL are hitherto under the sole control of Santander.










2.


The business activities of the undertakings concerned are:
—   CNP: global insurance company, offering mainly life insurance, pension products and some non-life insurance. It also has minor activities in the reinsurance sector,
—   Santander: international group offering banking and insurance services,
—   SIL: underwriting of life insurance via payment protection insurance products sold to loan customers of Santander in Germany, Ireland, Italy, Poland and Spain,
—   SIEL: underwriting of non-life insurance via payment protection insurance products sold to loan customers of Santander in Germany, Ireland, Italy, Poland and Spain,
—   SISIL: provision of administrative and operational services to SIL and SIEL.










3.


On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in this Notice.










4.


The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301), by e-mail to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number Case M.7367 — CNP/Santander/Santander Irish insurance subsidiaries, to the following address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË










(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  OJ C 366, 14.12.2013, p. 5.