Decision Nº M/06/020 from Competition and Consumer Protection Commission, 2006-04-28

JurisdictionIreland
PartiesSociete Generale,Pioneer Global
Date28 April 2006
Decision NumberM/06/020
StatusCleared (Phase 1)
CourtCompetition and Consumer Protection Commission (Ireland)
Decision Date28 April 2006
Merger Notification M/06/020– Société Générale /Pioneer Global
DETERMINATION OF MERGER NOTIFICATION M/06/020 –
Société Générale/Pioneer Global
Section 21 of the Competition Act 2002
Proposed acquisition by Société Générale S.A. of the Transfer
Agency Business of Pioneer Global Investment Limited
Dated 28/04/06
Introduction
1. On 4th April 2006, the Competition Authority, in accordance with Section
18(1) of the Competition Act, 2002 (“the Act”), was notified on a
mandatory basis of the proposed acquisition by Société Générale S.A.
(“Société Générale”) of the transfer agency activities of Pioneer Global
Investments Limited (“Pioneer”), a subsidiary of Unicredit Italianio S.p.A.
(“Unicredit”), in Ireland. Société Générale is the only notifying party as
this is an asset acquisition.
The Undertakings Involved
2. Société Générale, the acquirer, is incorporated in France. It is an
international full-service bank with subsidiaries and/or branches in several
Member States of the European Union, including Ireland. Its activities
include retail and corporate banking, asset management and private
banking, investment banking and corporate finance. In the financial year
ended 31 December 2005, Société Générale’s worldwide turnover was
€49.582 billion, of which [less than €500] million was generated in
Ireland.
3. Société Générale also offers a full range of financial services through its
division Société Générale Securities Services (“SGSS”). SGSS is present in
Ireland through EURO-VL (Ireland) Limited (“EURO-VL”), a wholly-owned
subsidiary of Société Générale, which provides transfer agency services.
EURO-VL has approximately €2 billion worth of assets under
administration in the Ireland.
4. Unicredit is incorporated in Italy. It is also an international full-service
bank with branches/or subsidiaries in several European countries. It
activities include retail and corporate banking, asset management and
private banking, investment banking and corporate finance. Unicredit also
offers a full range of financial services.
5. Pioneer, the target, is a wholly owned subsidiary of Unicredit active in
transfer agency activities in Ireland and Germany. In 2004, Pioneer’s
transfer agency business generated turnover of approximately [less than

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT