The Service of the Commission for the Protection of Competition on the 10th of September 2008 received on behalf of the company CNP Assurances SA notification of a proposed concentration according to Article 13 of the Control of Concentration between Enterprises Law (Number 22(I)/99), concerning an agreement by which CNP Assurances SA will acquire 50.1%% of the issued share capital of the company Marfin Insurances Holdings Ltd.
“DRS Technologies Inc.” operations concentrate on the production and sale of command, control and communication systems, power systems, intelligence technologies, tactical systems, reconnaissance, surveillance and target acquisition systems, substainment systems and technical systems.
“CNP Assurances SA” main activities concentrate in the provision of personal insurance in various countries, for example France, Italy, Brazil. The types of personal insurances that the enterprise covers include life insurance, accident and health insurance.
“Marfin Insurances Holdings Ltd” is now at its founding stage from its mother company Marfin Popular Bank Public Co Ltd. As soon as the enterprise is established, the share capital of the following companies which is currently owned by Marfin Popular Bank Public Co Ltd and Marfin Egnatia Bank ( a subsidiary of Marfin Popular Bank Public Co Ltd) will be transfer to Marfin Insurances Holdings Ltd:
Ι. Laiki Cyprialife Limited (active in the provision of life insurance)
ΙΙ. Laiki Asfalistiki Eteria Ltd (active in the non-life insurance sector)
III. Marfin Life Anonimi Asfalistiki Eteria (active in the provision of insurance in Greece)
ΙV. Marfin Asfalistikes Praktoriakes Ergasies Anonimi Eteria (ative in the provision of insurance in Greece)
On the ……………, the Commission for the Protection of Competition, based on the findings of the preliminary investigation of the notified concentration that the Service conducted and submitted to the C.P.C., and acting on the basis of the Law in force, concluded that, even though the concentration comes within the ambit of the law, it does not raise serious doubts as to its compatibility with the competitive market and thus declared compatible with the competitive market.
|