Acquisition of Allianz Popular by Banco Santander
On 4 December 2019 the Commission received a prior notification of a concentration in this case. The Commission has now made its decision and approves the acquisition of the Spanish Allianz Popular S.L (insurance, pension funds and asset management). by (also Spanish) Banco Santander S.A. (banking, treasury and insurance). It based its decision, made under Article 6(1)(b) of the Merger Regulation, on the limited horizontal and vertical overlaps between the two companies, and because Banco Santander already controls Allianz Popular (controlled together with Allianz Europe, a subsidiary of Allianz SE).
See here for a press release on the merger, published today.