|Mergers: Commission clears the acquisition by Aegon Spain Holding B.V. and Santander Seguros y Reaseguros, Compania Aseguradora, S.A. of joint control over Santander Vida, Seguros Y Reaseguros, S.A and Santander Generales, Seguros Y Reaseguros, S.A.
The European Commission has cleared under the EU Merger Regulation the proposed acquisition by Aegon Spain Holding B.V. ("Aegon Spain") and Santander Seguros y Reaseguros, Compania Aseguradora, S.A. ("Santander Seguros") of joint control over Santander Vida, Seguros Y Reaseguros, S.A and Santander Generales, Seguros Y Reaseguros, S.A., currently solely controlled by Santander Seguros. Aegon Spain belongs to the Aegon Group of insurance companies, active worldwide, mainly in the United States, the Netherlands and the United Kingdom. Santander Seguros is ultimately controlled by Banco Santander S.A., active in the banking and the insurance sectors internationally. Santander Vida and Santander Generales will be active in the Spanish insurance market providing life and non-life insurance respectively. The Commission concluded that the proposed acquisition would not raise competition concerns given the very limited overlaps between the parties' activities and the presence of a number of strong competitors both in life and non-life insurance markets in Spain. The operation was examined under the normal merger review procedure More information is available on the Commission's competition website in the public case register under the case number M.6848 .