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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 27/08/2009

In electronic form on the EUR-Lex website under document number 32009M5593

Office for Official Publications of the European Communities L-2985 Luxembourg

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 27/08/2009 SG-Greffe(2009) D/5116/7 C(2009)6695

PUBLIC VERSION

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

To the notifying parties:

Dear Madams and Sirs,

1.On 27/07/2009, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which the undertakings Nordea Investment Funds S.A. ("Nordea", Luxembourg) controlled by Nordea Bank AB ("Nordea Bank", Sweden) and Vegagest SGR S.p.A. ("Vegagest", Italy) controlled by Società Cattolica di Assicurazione soc. coop. (“Cattolica”, Italy), Cassa di Risparmio di Ferrara S.p.A. (“CaRiFe”, Italy) and Cassa di Risparmio di San Miniato (“CaRiSMi”, Italy) acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of Systema Asset Management SGR S.p.A. (“NorVega”, Italy) currently under the sole control of Vegagest by way of purchase of shares.

1OJ L 24, 29.1.2004, p. 1.

Commission européenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel - Belgium. Telephone: (32-2) 299 11 11.

2.The business activities of the undertakings concerned are:

-- for Nordea : asset management services;

-- for Nordea Bank : financial services group in the North-Europe and Baltic Sea area;

-- for Vegagest : asset management and institution and management of private equity funds;

-- for Cattolica : holding company of an Italian group active in the insurance sector;

-- for CaRife : holding company of an Italian group active in the banking and financial services;

-- for CaRiSMi : holding company of an Italian group active in the banking and financial services;

-- for NorVega : currently does not carry out any business activity.

3.After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EC) No 139/2004 and of paragraph 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 Commission has decided not to oppose the notified operation and to declare it compatible with the common market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of Council Regulation (EC) No 139/2004.

For the Commission

(signed) Philip LOWE Director General

2OJ C 56, 05.3.2005, p. 32.

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