CELEX: 32020M9904
Language: en
Date: 2020-10-19 00:00:00
Title: Commission Decision of 19/10/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9904 - SCUK / VOLVO / VOLVO CAR FINANCIAL SERVICES JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 19.10.2020
                                                                C(2020) 7275 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9904 – SCUK / VOLVO / VOLVO CAR FINANCIAL SERVICES
                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 25 September 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings Volvo Car Corporation (‘Volvo Cars’, Sweden) and Santander
        Consumer (UK) PLC (‘SCUK’, U.K.) acquire within the meaning of Article 3(1)(b)
        and 3(4) of the Merger Regulation joint control over the whole of the undertaking
        Volvo Car Financial Services UK Limited (‘VCFS’) by way of purchase of shares in a
        newly created company constituting a joint venture.3
2.      The business activities of the undertakings concerned are:
             Volvo Cars is a Swedish multinational automobile manufacturing company
              operating in the automotive industry with business relating to the design,
              development, manufacturing, marketing and sale of passenger cars and spare
              parts. Volvo Cars is controlled by Zhejiang Geely Holding Group Limited
              (‘Geely Group’), which is in turn majorly owned and controlled by Mr. Li
              Shufu.The Geely Group is an automobile manufacturer, engaged in the
              development, production and sales of passenger vehicles worldwide,
              headquartered in China.
             SCUK is ultimately indirectly owned by Banco Santander S.A. and Santusa
              Holding S.L., the top parent companies of a Spanish-based financial group mainly
              active in retail banking, asset management, corporate and investment banking,
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 327, 05.10.2020, p. 20.
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---         treasury and insurance (Santander Group). The Santander Group has presence
        throughout Europe, the United States of America, Latin America and Asia.
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 139/2004.4
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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