CELEX: 32022M10682
Language: en
Date: 2022-05-11 00:00:00
Title: Commission Decision of 11/05/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10682 - VALEO / VSEA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 11.05.2022
                                                                 C(2022) 3202 final
                                                                                 PUBLIC VERSION
                                                                 Valeo SE
                                                                 100, rue de Courcelles
                                                                 75017 Paris
                                                                 France
Subject:        Case M.10682 – VALEO / VSEA
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                Economic Area2
Dear Sir or Madam,
1.      On 13 April 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertaking Valeo SE (“Valeo”, France), ultimately controlled by the Valeo group
        (France), will acquire within the meaning of Article 3(1)(b) of the Merger Regulation
        sole control over the whole of the undertaking Valeo Siemens eAutomotive GmbH
        (“VSEA”, Germany), currently jointly controlled by Valeo and Siemens AG by way
        of purchase of shares.3
2.      The business activities of the undertakings concerned are the following:
             Valeo is a stock corporation active in the manufacture and distribution of
              automotive parts,
             VSEA is a full-function joint venture between Valeo and Siemens AG that
              develops, produces and sells high-voltage electric motors and components to be
              used in electric cars and plug-in hybrid vehicles.
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
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 170, 25.04.2022, p. 14.
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---    paragraph 5(d) 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.
                                             2