CELEX: 32021M10463
Language: en
Date: 2021-12-06 00:00:00
Title: Commission Decision of 06/12/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10463 - SOCIÉTÉ GÉNÉRALE / HYUNDAI MOTOR COMPANY / JV ) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 6.12.2021
                                                                C(2021) 9125 final
                                                                                PUBLIC VERSION
                                                                Compagnie Générale de Location
                                                                d'Equipements S.A.
                                                                69 Avenue de Flandre
                                                                59708 Marcq-en-Baroeul
                                                                France
                                                                Hyundai Capital Services, INC.
                                                                3, Uisadang-daero, Yeongdeungpo-gu
                                                                07237 Seoul
                                                                South Korea
Subject:        Case M.10463 – SOCIÉTÉ GÉNÉRALE / HYUNDAI MOTOR
                COMPANY / JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 11 November 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Compagnie
        Générale de Location d’Equipements S.A. (‘CGL’, France), controlled by Société
        Générale, S.A. (‘Société Générale’, France), and Hyundai Capital Services Inc.
        (‘HCS’, South Korea), controlled by Hyundai Motor Company (South Korea), acquire
        within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control
        of the undertaking Sefia SAS (the ‘JV’, France), controlled by Société Générale. The
        concentration is accomplished by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
        −     for CGL: a credit institution which is active in the financing of capital goods
              (cars, boats, mobile homes), the consolidation of consumer or real estate loans
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 467, 19.11.2021, p. 6.
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.
 ---pagebreak---         and the financing of the stocks of the partners suppliers of goods. CGL is part of
        the Société Générale group, a French financial services group active in several
        EEA Member States,
   −    for HCS: the financial services arm of the Hyundai Motor Company,
   −    for the JV: offering automotive financing solutions, e.g. loans and leases, and
        related services, such as distributing insurances.
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 6 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.
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