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E.U.: Commission approves joint venture between Euler Hermes and Mapfre in delcredere insurance

 |  September 21, 2012

The European Commission has cleared under the EU Merger Regulation the proposed creation of a joint venture between the insurance companies Euler Hermes S.A. of France and Mapfre S.A. of Spain, which will encompass their respective delcredere businesses in Spain, Chile, Colombia and Mexico, as well as Mapfre’s delcredere business in Argentina. Delcredere insurance protects policy holders against the risk of their clients’ insolvency. The Commission’s investigation confirmed that the operation would not raise competition concerns because it would not significantly alter the market structure in Europe. The investigation showed that that the overlaps resulting from the creation of the joint venture in the Spanish delcredere insurance and credit insurance sectors were below 15%, and thus do not raise competition concerns.

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