Brussels, 24/07/2000 (Agence Europe) - The European Commission authorised the British insurance company CGNU Plc to acquire the Spanish company Aseguradora Valenciana Sociedad Anonima de Seguros y Reaseguros (ASDEVAL) from Caja de Ahorros de Valencia, Catellon y Alicante. The operation consists of the acquisition by CGNU of a 50% stake in Aseval for around GBP 100 million. The overlap of CGNU activities and those of Aseval in the field of insurance products is limited to Spain, Aseval not being active in any other country. Given the weak individual market shares of the two parties, the overlap resulting from this acquisition will furthermore not give rise to a combine market share susceptible of significantly influencing competition since it falls far short of 15% in all cases. In these conditions, the Commission feels that the operation will not lead to the creation or strengthening of a dominant position.