Brussels, 24 July 2012
Mergers: Commission approves acquisition of part of French insurance company Gan Eurocourtage by rival Allianz of Germany
The European Commission has cleared under the EU Merger Regulation the proposed acquisition by the French subsidiary of the German Allianz insurance group of a non-life insurance portfolio belonging to the French insurance company Gan Eurocourtage SA. The portfolio comprises insurance contracts and related brokerage businesses, assets and liabilities. The Commission's investigation confirmed that the notified operation would not raise competition concerns because it would not significantly alter the market structure.
The Commission in particular examined the competitive effects of the proposed acquisition on the production, underwriting and distribution of non-life insurance and assistance services in France, which is the only country in the European Economic Area (EEA) where the two companies' activities overlap.
Given the small market share increase resulting from the transaction, the relatively low combined market shares of the parties and the presence of a number of credible competitors, the Commission concluded that the transaction would not raise competition concerns.
The transaction was notified to the Commission on 25 June 2012.
Companies and products
The Allianz Group provides insurance, asset management and banking services in more than 70 countries.
The Target of the proposed acquisition is the self-standing insurance portfolio of Gan Eurocourtage relating to non-life insurance products provided to individuals, professionals and businesses, as well as the related brokerage businesses and management activities, together with related assets and liabilities necessary for the operation of the portfolio.
Merger control rules and procedures
The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the Merger Regulation) and to prevent concentrations that would significantly impede effective competition in the EEA or any substantial part of it.
The vast majority of mergers do not pose competition problems and are cleared after a routine review. From the moment a transaction is notified, the Commission generally has a total of 25 working days to decide whether to grant approval (Phase I) or to start an in-depth investigation (Phase II).
A non-confidential version of today's decision will be available at: