CELEX: 32014M7367
Language: en
Date: 2014-11-21 00:00:00
Title: Commission Decision of 21/11/2014 declaring a concentration to be compatible with the common market (Case No COMP/M.7367 - CNP / SANTANDER / SANTANDER IRISH INSURANCE SUBSIDIARIES) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 21.11.2014
                                        C(2014) 9044 final

                                        [pic]

|To the notifying parties:                                              |
|                                                                       |

Dear Madam(s) and/or Sir(s),

Subject:    Case M.7367 - CNP / SANTANDER / SANTANDER IRISH INSURANCE SUBSIDIARIES
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1]

 1. On 30 October 2014, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation
    by which the undertakings CNP Assurances SA ("CNP Assurances", France) and Banco Santander, S.A. (“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]

 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 Santander in Germany,  Ireland,
    Italy, Poland and Spain;

    - SIEL :     underwriting of non-life insurance via Payment Protection Insurance products sold  to  loan  customers  Santander  in  Germany,
    Ireland, Italy, Poland and Spain;

    - SISIL : provision of administrative and operational services to SIL and SIEL.

 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 5(c) of the Commission Notice on a simplified procedure for treatment  of  certain  concentrations  under
    Council Regulation (EC) No 139/2004.[3]

 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.

                                        For the Commission

                                        (signed)
                                        Alexander ITALIANER
                                        Director-General
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[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]   Publication in the Official Journal of the European Union No C 392, 07.11.2014, p. 2.

[3]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE