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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 16/03/2012

In electronic form on the EUR-Lex website under document number 32012M6452

Office for Publications of the European Union L-2985 Luxembourg

EUROPEAN COMMISSION

Brussels, 16/03/2012 C(2012)1875

PUBLIC VERSION

SIMPLIFIED MERGER PROCEDURE

To the notifying parties

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

1.On 10/02/2012, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which NIH (Guernsey) Limited ("NIH", Guernsey), controlled by Nomura Holdings, Inc. ("Nomura", Japan), acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of Hamburger Lebensversicherung Aktiengesellschaft ("HLV", Germany), Delta Lloyd Pensionskasse Aktiengesellschaft ("DLP", Germany), Delta Lloyd Anlagemanagement GmbH ("DLA", Germany), and Delta Lloyd Lebensversicherung Aktiengesellschaft ("DLL", Germany), by way of purchase of shares.

The business activities of the undertakings concerned are:

-- NIH : a recently established holding company, incorporated under the laws of Guernsey;

-- Nomura : a group of companies active in the financial instruments business, banking and trust business, insurance business, other financial services and related businesses as well as research in connection with the economy, financial or capital markets or infrastructure;

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.

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

-- HLV : life insurance;

-- DLP : life insurance, pension products only;

-- DLA : asset management;

-- DLL : life insurance.

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

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.

For the Commission

(signed) Alexander ITALIANER Director General

2Publication in the Official Journal of the European Union No C 52, 22/02/2012, p.7

3OJ C 56, 5.3.2005, p. 32.

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