Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

1.On June 5, 2007, the Commission received a notification of a proposed concentration pursuant to Article 4 of the EC Merger Regulation, by which PAI partners S.A.S. (ìPAIî) will acquire control over Kaufman & Broad S.A. (ìKaufman & Broadî).

The business activities of the undertakings concerned are as follows:

-- PAI is a private equity fund which manages/advises funds with a total value of ca. Ä7 billion;

-- Kaufman & Broad is active in the real estate sector.

None of the companies controlled by PAI is engaged in business activities in the markets in which Kaufman & Broad is active or has any upstream or downstream relationship with Kaufman & Broad. Consequently, PAI respectfully submits that the transaction does not raise any competition concerns and is eligible for the simplified procedure.