CELEX: 32017M8708
Language: en
Date: 2017-12-18 00:00:00
Title: Commission Decision of 18/12/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8708 - SOCIETE GENERALE / BNP PARIBAS / POWERHOUSE FRANCE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 18.12.2017
                                                                C(2017) 9020 final
                                                                  PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.8708 - SOCIETE GENERALE / BNP PARIBAS / POWERHOUSE
                FRANCE
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 16 November 2017, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the undertakings
        Sogecap S.A ("Sogecap", France), belonging to the Société Générale group, Cardif
        Assurance Vie S.A ("Cardif", France) and BNP Paribas Diversipierre OPCI
        ("Diversipierre", France), both belonging to the BNP Paribas group, acquire within the
        meaning of Article 3(1)(b) of the Merger Regulation joint control over the whole of the
        undertaking Powerhouse France SAS ("Powerhouse France", France) by way of purchase
        of shares.3
2.      The business activities of the undertakings concerned are:
        — for Sogecap: offers a full range of life insurance savings and protection products to
        Société Générale’s Retail and Private Banking networks. Société Générale group is notably
        active in international retail banking, financial services and corporate and investment
        banking,
        — for Cardif: active in the life insurance sector and owned by the BNP Paribas group, a
        French listed banking group mainly active in retail banking and services as well as
        corporate and institutional 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 398, 24.11.2017, p. 3.
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---    — for Diversipierre: active in real estate investment and managed by BNP Paribas REIM
   France,
   — for Powerhouse France: owns a portfolio of residential properties located in several
   French Départements (among others, Seine-Maritime, Seine-et-Marne, Ain, Loiret, Isère,
   Nord, Pas-de-Calais). The residential properties are leased to EDF for the benefit of EDF
   group’s employees.
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)
                                                    Johannes LAITENBERGER
                                                    Director-General
4  OJ C 366, 14.12.2013, p. 5.
                                                  2