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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 16/07/2007

In electronic form on the EUR-Lex website under document number 32007M4646

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

EUROPEAN COMMISSION

Brussels, 16-VII-2007

SG-Greffe(2007) D/204461

PUBLIC VERSION

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

To the notifying party(ies)

Dear Madam(s) and/or Sir(s),

Subject: Case No. COMP/M.4646 ñ AXA / Monte dei Paschi/JV Notification of 11 June 2007 pursuant to Article 4 of Council Regulation (EC) No. 139/2004 Publication in the Official Journal of the European Union No. C 135, 19.06.2007, p. 20

1.On 11 June 2007, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which the undertaking AXA S.A. ("AXA", France ), acquires within the meaning of Articles 3(4) and 3(1)(b) of the Council Regulation joint control of the undertakings Monte Paschi Vita S.p.A. ("MPS Vita", Italy), and Monte Paschi Assicurazioni Danni S.p.A. ("MPS Danni", Italy), by way of purchase of shares. MPS Vita and MPS Danni are currently solely controlled by Banca Monte Paschi di Siena S.p.A. ("BMPS"), Italy. BMPS will retain joint control over MPS Vita and MPS Danni, along with AXA.

1OJ L 24, 29.1.2004 p. 1

Commission europÈenne, 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 AXA : insurance and related financial services;

-- for BMPS : banking and related financial services;

-- for MPS Vita : life insurance and related financial services;

-- for MPS Danni : non-life insurance.

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, subparagraph 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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