Commission Decision of 27/03/2003 declaring a concentration to be compatible with the common market (Case No IV/M.3103 - GENERAL ELECTRIC CONSUMER FINANCE / ABBEY NATIONAL) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic) Official Journal 060 , 09/03/2004 P. 0004 - 0004 Commission Decision of 27/03/2003 declaring a concentration to be compatible with the common market (Case No IV/M.3103 - GENERAL ELECTRIC CONSUMER FINANCE / ABBEY NATIONAL) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic) To the notifying parties Dear Madam(s) and/or Sir(s), Subject:
Case No. COMP/M.3103 - General Electric Consumer Finance /Abbey National Notification of 26.02.2003 pursuant to Article 4 of Council Regulation (EEC) No. 4064/89 [1] Publication in the Official Journal of the European Communities No. C 52, 06/03/2003, page 12 [1] OJ L 395, 30.12.1989 p. 1; corrected version OJ L 257 of 21.9.1990, p. 13, as last amended by Regulation (EC) No 1310/97, OJ L 180, 9.7.1997, p. 1, corrigendum in OJ L 40, 13.2.1998, p. 17. 1. On 26.02.2003, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EEC) No. 4064/89 by which the US undertaking General Electric Company ("GE") acquires within the meaning of article 3(1)(b) of the Council control of parts of the UK undertaking Abbey National Plc ("Abbey National") by way of purchase of assets.
2. The business activities of the undertakings concerned are : - for GE : diversified company active in various manufacturing, technology and services business activities, including financial services; - for Abbey National : provision of personal financing services, including mortgages, savings products, investment products, banking, general insurance and life insurance; - for the business to be acquired by GE : provision of secured and unsecured loans. 2. After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EEC) No.
4064/89 and of paragraph 4, subparagraph c, of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EEC) No 4064/89 [2]. [2] OJ C 217, 29.07.2000, p. 32. 3. For the reasons set out in the Notice on a simplified procedure, the Commission has decided not to oppose the notified operation and to declare it compatible with the common market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of Council Regulation (EEC) No. 4064/89. For the Commission Mario MONTI Member of the Commission (signed)