The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Popular Seguros – Companhia de Seguros. (‘Popular Seguros’) of Portugal, by Mapfre and Banco Santander, both of Spain.
Popular Seguros is a wholly owned subsidiary of Banco Santander and is active in the non-life insurance market in Portugal. Mapfre is an insurance and reinsurance company, active across 45 countries, including Portugal, Spain and other countries in Europe and worldwide.
Banco Santander is the parent company of an international group of banking and financial companies operating principally in European countries, Latin America and the U.S.
The Commission concluded that the proposed acquisition would raise no competition concerns, given the very limited horizontal overlaps and vertical relationships between the companies’ activities. The transaction was examined under the simplified merger review procedure.
Full Content: Europa
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