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<MERGERS: Commission clears acquisition of BBVA's real estate business in Spain by Cerberus

The European Commission has approved, under the EU Merger Regulation, the acquisition of the real estate business of BBVA of Spain by Cerberus Capital Management of the US. The activities acquired by Cerberus from BBVA comprise the development, sale and leasing of distressed real estate assets mainly bought from debtors in Spain. BBVA is active in a range of financial and non-financial services, including banking, pension and insurance in Europe, Mexico, South America and the US. Cerberus is a private investment firm active in real and personal property investments. The Commission concluded that the proposed acquisition would raise no competition concerns because of the limited overlap between the companies' activities. The transaction was examined under the simplified merger review procedure. More information is available on the Commission's competition website, in the public case register under the case number M.8782. (For more information: Ricardo Cardoso - Tel.: +32 229 80100; Yizhou Ren - Tel.: +32 229 94889)