CELEX: 32015M7672
Language: en
Date: 2015-08-12 00:00:00
Title: Commission Decision of 12/08/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7672 - VOLKSWAGEN FINANCIAL SERVICES / BANCO BILBAO VIZCAYA ARGENTARIA / VOLKSWAGEN CREDIT COMPANIA FINANCIERA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 12.8.2015
                                        C(2015) 5841 final

                                        [pic]

|To the notifying parties:                                              |                                                                       |
|                                                                       |                                                                       |

Dear Sirs,

Subject:    Case M.7672 – VOLKSWAGEN FINANCIAL SERVICES/ BANCO BILBAO VIZCAYA ARGENTARIA/ VOLKSWAGEN CREDIT COMPANIA FINANCIERA
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

 1. On 17 July 2015, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by
    which the undertakings Volkswagen Financial Services AG ("VWFS", Germany), a wholly owned subsidiary of Volkswagen AG  (Germany)  and  Banco
    Bilbao Vizcaya Argentaria S.A. ("BBVA", Spain) acquire within the meaning of Article 3(1)(b)  and  3(4)  of  the   Merger  Regulation  joint
    control over Volkswagen Credit Compañía Financiera S.A. ("VWCCF", Argentina), by way of purchase of shares.[3]

 2. The business activities of the undertakings concerned are:

      – for VWFS: coordination of the worldwide financial services activities of the Volkswagen Group in Europe, Asia-Pacific, Mexico  and  South
        America;

      – for BBVA: provision of financial and non-financial services, including banking,  pension  and  insurance  in  Spain,  Portugal,  Belgium,
        Germany, Ireland, France, Italy, Mexico, South America and USA;

      – for VWCCF: provision of financial services to the automotive industry in Argentina.

 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(a)(i) and  (ii)  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)
                                        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]   OJ L 1, 3.1.1994, p. 3 ("the EEA Agreement").

[3]   Publication in the Official Journal of the European Union No C 250, 31.07.2015, p. 9.

[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE