Brussels, 17/03/2015 (Agence Europe) - On 16 March, the European Commission approved the acquisition of Friends Life Group Limited and Tenet Group Limited by Aviva Plc, all of the UK.
Friends Life and Aviva provide investment and insurance services. Tenet distributes other suppliers' investment and insurance products. The parties' activities overlap for the supply of insurance products in France, Ireland, Italy, Lithuania, Poland, Spain and the United Kingdom. The Commission concluded that the proposed acquisition would raise no competition concerns because the combined market positions of the companies are moderate and a number of other strong players will continue to provide life insurance products and insurance distribution services in the UK and in all other countries where the companies' activities overlap. (Élodie Lamer)