CELEX: 32014M7372
Language: en
Date: 2014-10-15 00:00:00
Title: Commission Decision of 15/10/2014 declaring a concentration to be compatible with the common market (Case No COMP/M.7372 - AXA / HAMMERSON / THE REAL ESTATE PORTFOLIO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |
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                                        Brussels, 15.10.2014
                                        C(2014) 7632 final

                                        |To the notifying parties:                                          |
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Dear Madam(s) and/or Sir(s),

Subject:    Case M.7372 – AXA/ HAMMERSON/ THE REAL ESTATE PORTFOLIO
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1]

   1. On 18 September 2014, the European Commission received notification of a proposed  concentration  pursuant  to  Article  4  of  the  Merger
      Regulation by which the undertakings SCI Vendome Commerces (France) and Hammerson plc ("Hammerson", the United Kingdom) acquire within  the
      meaning of Article 3(1)(b) of the Merger Regulation joint control of a real estate portfolio by way of purchase of shares[2].

   2. The business activities of the undertakings concerned are:

1 SCI Vendome Commerces is a 100% subsidiary of AXA France Insurance companies. AXA is a global insurance group active in life, health and  other
      forms of insurance, as well as in investment management.

2 Hammerson is active in commercial real estate development and the renting and operating of its own  commercial  real  estate.  Hammerson  is  a
        developer and owner-manager of shopping centres and retail parks primarily in the United Kingdom and also in France.

3 The real estate portfolio comprises a shopping centre and a residential unit, as well as surrounding ownerships located in Bristol (the  United
      Kingdom), a multi-storey car park and surrounding land in Bristol City Centre.

 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 334, 25.09.2014, p. 36.
[3]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE