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IP/09 /1242

Brussels, 19 th August 2009

Mergers: Commission approves acquisition of joint control by Volkswagen and Fleet Investments over LeasePlan

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of joint control by Volkswagen AG (Volkswagen) and Fleet Investments BV (Fleet Investments) over LeasePlan Corporation (LeasePlan). After examining the operation, the Commission concluded that the transaction would not impede effective competition in the EEA or any substantial part of it and has therefore approved the concentration.

Volkswagen is mainly active in the development, manufacture and sales of cars and light commercial vehicles including spare parts and accessories. Fleet Investments is an investment company, belonging to the Metzler Group, which focuses on providing individual advice to corporate and institutional customers. LeasePlan is active in full fleet leasing and management services for light vehicles, short term car rental, finance lease and insurance brokerage.

Currently, LeasePlan is jointly controlled by Volkswagen, MDC-LP Holding S.à.r.l. and by Crescent Beteiligungsverwaltung GmbH. The latter two companies will sell their shares in LeasePlan to Volkswagen, who will sell these shares to Fleet Investments. As a result of the transaction, LeasePlan will be jointly controlled by Volkswagen and Fleet Investments.

The Commission previously examined the acquisition of the joint control by Volkswagen in its decision M.3090 Volkswagen/Offset/Crescent/Lease Plan/JV. The current proposed transaction does not change the relation between Volkswagen and LeasePlan. With regard to the newly controlling party Fleet Investments, the examination showed that the transaction would not lead to any horizontal or vertical overlaps between Fleet Investments and LeasePlan. The Commission thus concluded that the proposed transaction does not raise competition concerns and cleared the operation.

More information on the case will be available at:

http://ec.europa.eu/competition/mergers/cases/index/m111.html#m_5568


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