CELEX: 32020M9739
Language: en
Date: 2020-03-05 00:00:00
Title: Commission Decision of 05/03/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9739 - AXA / GROUPE CREDIT AGRICOLE / ELL LUXEMBOURG 2) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 5.3.2020
                                                                C(2020) 1542 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9739 – AXA / GROUPE CREDIT AGRICOLE / ELL
                LUXEMBOURG 2
                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 11 February 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which AXA Real
        Estate Investment Managers France ("AXA REIM France", France), ultimately
        controlled by AXA S.A. ("AXA", France) and Predica Prévoyance Dialogue du Crédit
        Agricole S.A ("Predica", France), a wholly-owned subsidiary of Crédit Agricole
        Assurances ("CAA", France), itself a wholly-owned subsidiary of Groupe Crédit
        Agricole ("GCA", France) acquire within the meaning of Article 3(1)(b) of the Merger
        Regulation joint control over the whole of the undertaking ELL Luxembourg 2 S.à r.l.
        ("ELL", Luxembourg) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
          for AXA REIM France: an asset and fund manager which is predominantely
              active in Europe and is ultimately controlled by AXA, a global insurance group,
              active in life, health and other forms of insurance, as well as investment
              management.
          for Predica: active in the life and health insurance sector, in France. Predica
              belongs to GCA, a global group offering a wide range of banking and insurance
              related services.
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 56, 19.02.2020, p. 13.
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 ELL: leasing of electric locomotives; its locomotives are designed for
        international and cross-border traffic and are operated all across continental
        Europe.
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(b) 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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