CELEX: 31993M0357
Language: en
Date: 1993-08-09 00:00:00
Title: COMMISSION DECISION of 09.08.1993 declaring a concentration to be compatible with the common market (Case No IV/M.357 - COMMERZBANK / CCR) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic)

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31993M0357

COMMISSION DECISION of 09.08.1993 declaring a concentration to be compatible with the common market (Case No IV/M.357 - COMMERZBANK / CCR) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic)  

Official Journal C 221 , 17/08/1993 P. 0000

 COMMISSION DECISION of 09.08.1993 declaring a concentration to  be compatible with the common market (Case No IV/M.357 -  COMMERZBANK / CCR) according to Council Regulation (EEC) No  4064/89  (Only the English text is authentic)  The paper version of the decision is available through the  sales offices of the Office of Official Publications of the  European Communities. PUBLIC VERSION MERGER PROCEDURE ARTICLE 6(1)(b) DECISION Registered with advice of delivery To the notifying party Dear Sirs, Subject: <ind> Case No. IV/M.357 - Commerzbank/CCR  <ind>  <ind> Your notification pursuant to Article 4 of  Council Regulation No. 4064/89  1. <ind> On 6 July 1993 Commerzbank, AG ("Commerzbank")  notified an agreement whereby it acquires control of the whole  of Caisse Centrale de Réescompte ("CCR") from Compagnie  Financière Paribas ("Paribas") by way of acquisition of 100% of  CCR's shares.  2. <ind> After examination of the notification, the Commission  has concluded that the notified operation falls within the  scope of Council Regulation No. 4064/89 and does not raise  serious doubts as to its compatibility with the common market.  I. <ind> THE PARTIES  3. <ind> Commerzbank is a large German bank whose main business  activities are retail, commercial and investment banking,  foreign exchange trading, securities trading, and asset  management.  CCR is a French  company active mainly in the  refinancing of specialised credit institutions and in asset and  portfolio management for large corporations and institutional  investors.  It is also involved in money market activities,  arbitrage, and securitisation.  II. <ind> CONCENTRATION WITH A COMMUNITY DIMENSION  4. <ind> The acquisition by Commerzbank of the entire share  capital of CCR constitutes a concentration within the meaning  of Article 3(1)(b) of the Merger Regulation.  The enterprises  concerned have a combined aggregate worldwide turnover,  calculated in accordance with Article 5(3)(a) of the Merger  Regulation, in excess of 5,000 million ECU.  Both Commerzbank  and CCR have a Community-wide turnover in excess of 250 million  ECU but do not achieve more than two-thirds of their aggregate  Community-wide turnover within one and the same Member State.   The notified operation therefore has a Community dimension.  III.  <ind> COMPATIBILITY WITH THE COMMON MARKET  5. <ind> CCR is a small, specialised French credit institution,  employing fifty persons, which is basically active in two kinds  of activities:   <tab> - <ind> Refinancing of credit institutions, which  entails providing financial resources to banks and financial  institutions in the form of negotiable securities or direct  loans, and  <tab> - <ind> Asset management of mutual funds (SICAV and  FCP), mainly money market funds for the account of third  parties.  6. <ind> CCR activities are carried out mainly in France where  it does approximately 86% of its refinancing business and 95%  of its asset management business.  Market shares of CCR in  France for these two activities are below 1%.  7. <ind> Commerzbank has no asset management activities in  France and its refinancing business is insignificant (well  below 1% of the market).  However, the Commerzbank group is a  significant player in Germany with regard to asset management,  with a market share of about [Business secret - less than  15%.], while for refinancing activities its share on the German  market is below 2%.  The asset management activities of the  Commerzbank group are mainly domestic (only 5% are carried out  abroad) but the reverse is true with regard to refinancing,  where 65% of its activities are carried out abroad, mainly in  the EC.  In spite of this last figure which could be  interpreted as an indicator of a certain degree of  internationalisation of the market, the notifying parties  indicate that refinancing is mainly carried out at national  level as the players have a better knowledge and understanding  of local undertakings and this activity is focused on market  instruments which are specific to national markets and are not  dealt with internationally.  8. <ind> However, for the purpose of the present operation, it  is not necessary to determine whether the relevant geographic  markets for refinancing and asset management are national or  international in scope since, even if the narrowest possible  market definition is taken into account this concentration will  not lead to a  significant addition of market shares and its  impact on competition will be minimal.   <ind> For the above reasons, the Commission has decided not to  oppose the notified concentration and to declare it compatible  with the common market.  This decision is adopted in  application of Article 6(1)(b) of Council Regulation No.  4064/89.  For the Commission