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Societe Generale's car leasing unit ALD wins EU nod for LeasePlan buy

Reuters
·1 min read

BRUSSELS (Reuters) - EU antitrust regulators cleared with conditions French car leasing company ALD's bid for Dutch rival LeasePlan on Friday after the Societe Generale unit agreed to divest some businesses across Europe to address competition concerns.

ALD announced the 4.9-billion-euro ($5.1 billion) deal in January, which would give it ownership of the biggest electric vehicle fleet in Europe.

The European Commission said ALD agreed to sell its operational leasing businesses in Ireland, Norway, Portugal and LeasePlan's businesses in the Czech Republic, Finland and Luxembourg to address competition worries.

It will also provide access to tech services and its used car sales platform for up to 2 years.

"These commitments remove the overlaps existing between ALD and LeasePlan's activities in the national markets for operational leasing where the Commission had identified competition concerns," the EU competition watchdog said in a statement.

($1 = 0.9617 euros)

(Reporting by Foo Yun Chee)