The EU authorizes ALD under conditions to take over LeasePlan

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BRUSSELS (Reuters) – The European Commission announced on Friday that it had authorized the takeover of LeasePlan by ALD, the car leasing subsidiary of Societe Generale, which has agreed to divest certain activities to promote competition.

ALD announced in early January its plan to acquire its Dutch competitor LeasePlan for 4.9 billion euros, an operation which should allow it to become the owner of the largest fleet of electric vehicles in Europe.

The Commission said ALD had agreed to sell its operational leasing business in Ireland, Norway and Portugal, as well as LeasePlan’s business in the Czech Republic, Finland and Luxembourg to resolve competition concerns.

ALD has also offered to provide transition services for up to two years.

“These commitments eliminate the overlaps that exist between the activities of ALD and those of LeasePlan on the national operational leasing markets where the Commission had identified competition concerns”, indicates the Community executive in a press release.

(Foo Yun Chee, French version Laetitia Volga, edited by Sophie Louet)

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