Brussels, 15/05/2000 (Agence Europe) - The European Commission gave the go-ahead for the acquisition of the Swedish real estate company Diligentia by Skandia Life Insurance Company, subsidiary of the Swedish insurer Skandia. This is an operation that will be carried out through a public bid. The main areas of Skandia's activity are long-term savings, property and casualty insurance (fire, accident and general risk) and asset management, an area in which real estate management holds a significant place. The activities of the real estate company Diligentia include acquisition, ownership, management, selling and leasing of real estate property.
Skandia Life's objective, in acquiring sole control of Diligentia, was its search for long-term return on its investment portfolio, which infers the possession of a sizeable real estate portfolio that Diligentia would bring with it. The Commission feels that the convergence between the two companies is not of a nature to create or strengthen a dominant position within the EEA (European Economic Area). The overlap between the activities of Skandia Life and Diligentia are limited to the Swedish real estate sector where their combined market shares represent less than 15% of the commercial or residential properties, including at a municipal level.