POLAND: Commission approves joint acquisition of HDI by TALANX and MEIJI YASUDA Life

22 November 2012 —
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of joint control over two Polish insurance companies HDI Asekuracja S.A and HDI-Gerling Zycie S.A by Talanx International AG and Meiji Yasuda Life Insurance Company, respectively a German and a Japanese insurer. The two acquired companies are currently solely controlled by Talanx. The Commission concluded that the transaction would not raise competition concerns because the merged entity would continue to face a number of strong competitors.

The transaction concerns the Polish insurance market only. The Commission examined the competitive effects of the proposed acquisition in the markets for life and non-life insurance, where the parties' activities overlap. As the two parent companies are active on the market for reinsurance, the transaction would also create a vertical relationship.

The Commission found that the transaction would not raise competition concerns because of the parties' moderate combined market shares, the absence of market share increase resulting from the transaction and the presence of a sufficient number of strong competitors on the markets concerned.

The Commission last examined the affected markets in April 2011, when Talanx and Meiji Yasuda Life Insurance Company acquired joint control over WARTA (see case M.6521). The competitive conditions in these markets have not materially changed since then.

As a result, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area1 (EEA) or any substantial part of it.

The transaction was notified to the Commission on 17 October 2012.

Read the full story on www.europa.eu.
POLAND: Commission approves joint acquisition of HDI by TALANX and MEIJI YASUDA Life
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