Fusies: Commissie keurt voorgestelde overname van Cominvest door Allianz goed (en)

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Cominvest by Allianz, both based in Germany. After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.

Allianz is a worldwide financial services company active in particular in the insurance, asset management and banking sectors. Within investment fund management for both mutual and institutional funds, Allianz is active through a range of subsidiaries, notably under the brand name "Allianz Global Investors", with a focus on Germany.

The assets to be acquired by Allianz are Cominvest Asset Management GmbH, Cominvest Asset Management S.A., Münchener Kapitalanlage AG and MK Luxinvest S.A. These entities are exclusively active in the production of mutual funds (both securities and money market funds) and in asset management for institutional clients, including special funds (so-called Spezialfonds) constituted under German and Luxemburg law.

Under the terms of the proposed transaction, Allianz would acquire the asset management business of Commerzbank, with the exception of open real estate funds, closed funds, and ETFs (Exchange-Traded Funds). This operation is related to the sale of Dresdner Bank to Commerzbank and Allianz' taking up of a minority share in Commerzbank, which fall within the competence of national competition authorities.

The Commission found that the parties' activities overlap, in particular in Germany in the area of mutual funds and asset management. However, the Commission concluded that the merged entity's market share and impact on distribution would remain sufficiently low to exclude competition concerns. Further information on this case can be found at:

http://ec.europa.eu/comm/competition/mergers/cases/index/m106.html#m_5341