EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 21/11/2018

In electronic form on the EUR-Lex website under document number 32018M9071

EUROPEAN COMMISSION

Brussels, 21.11.2018 C(2018) 7990 final

PUBLIC VERSION

To the notifying parties:

Dear Sir or Madam,

1.1. On 25 October 2018, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Banca Generali S.p.A. ("Banca Generali", Italy), controlled by Assicurazioni Generali S.p.A. ("Assicurazioni Generali", Italy) and Saxo Bank A/S ("Saxo Bank", Denmark), controlled by Zhejiang Geely Holding Group Co., Ltd ("Zhejiang Geely Holding Group", China) acquire, within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation, joint control over BG SAXO SIM S.p.A., a newly created entity ("NewCo", Italy).

2. The business activities of the undertakings concerned are:

- Banca Generali offers a wide range of products and services in the banking, financial and insurance sectors;

- Saxo Bank is an online investment bank specializing in online trading and investment services;

- NewCo is an online platform for online trading in Italy.

2.3. 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)

1OJ 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.

2OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement').

3Publication in the Official Journal of the European Union No C 400, 06.11.2018, p. 16.

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.

4.and 5 (c) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.

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) Johannes LAITENBERGER Director-General

4OJ C 366, 14.12.2013, p. 5.

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