Prior notification of a concentration (Case M.10726 – BNP PARIBAS / STELLANTIS / PCDF ASSETS / FCAB ASSETS / JV) Candidate case for simplified procedure (Text with EEA relevance) 2022/C 446/11
Date: 2022-11-24
Institutions: Directorate-General for Competition, European Commission
Subjects: banking, economic concentration, financial services, loan, merger control, motor car, motor vehicle industry, vehicle rental








C_2022446EN.01003801.xml










24.11.2022   


EN


Official Journal of the European Union


C 446/38






Prior notification of a concentration
(Case M.10726 – BNP PARIBAS / STELLANTIS / PCDF ASSETS / FCAB ASSETS / JV)
Candidate case for simplified procedure
(Text with EEA relevance)
(2022/C 446/11)

1.   
On 15 November 2022, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


BNP Paribas S.A. (‘BNP Paribas’, France),










—


Stellantis N.V. (‘Stellantis’, the Netherlands),










—


The PSA-SCF financing cooperation (‘PCDF’) assets, jointly controlled by Stellantis and Crédit Agricole Consumer Finance (‘CACF’, France),










—


The FCA-CACF financing cooperation (‘FCAB’) assets, jointly controlled by Stellantis and Santander Consumer Finance (‘SCF’, Spain) (PCDF and FCAB taken together, the ‘Target Business’), and










—


A joint venture between BNP Paribas and Stellantis (the ‘BNPP-Stellantis JV’).




BNP Paribas and Stellantis, will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the BNPP-Stellantis JV, which will control the Target Business (2).
The concentration is accomplished by way of purchase of shares and assets.


2.   
The business activities of the undertakings concerned are the following:






—


BNP Paribas is active worldwide in three core banking businesses, including Commercial, Personal Banking and Services; Investment and Protection Services; and Corporate and Institutional Banking,










—


Stellantis is active worldwide in the development, manufacturing and distribution of automotive vehicles, under the following fifteen brands: Peugeot, Citroën, DS Automobiles, Opel, Vauxhall, Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Maserati and Ram,










—


The PCDF assets and FCAB assets offer loans and leases related to branded vehicles as well as loans to car dealderships,










—


The BNPP-Stellantis JV which will consist of the Target Business.






3.   

The BNPP-Stellantis JV will become the exclusive partner of Stellantis for the financing activities of all Stellantis brands (excluding B2B operational leasing) in Austria, Germany and the UK. The BNPP-Stellantis JV will also handle B2C operational leasing on non-exclusive basis.



4.   
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 Council Regulation (EC) No 139/2004 (3) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
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. The following reference should always be specified:
Case M.10726 – BNP PARIBAS / STELLANTIS / PCDF ASSETS / FCAB ASSETS / JV
Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu
Fax +32 22964301
Postal 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)  The BNPP-Stellantis JV will consist (i) 100 % of the shares in two PCDF entities (PSA Bank Germany GmbH (‘PSA Bank Germany’) and PSA Finance UK Ltd (‘PSA Finance UK’)), corresponding to the financing activities tied to PSA brands in Germany, Austria and the UK, and (ii) business assets from FCAB through three commercial agreements, corresponding to the financing activities tied to FCA brands in Germany, Austria and the UK.

(3)  OJ C 366, 14.12.2013, p. 5.