NMa: takeover of Cordares by ABP subsidiary APG does not impede competition

The Netherlands Competition Authority (NMa) sees no impediments for the takeover of Cordares Holding N.V. by APG Groep N.V., subsidiary of the Stichting Pensioenfonds ABP [ABP Pension Fund Foundation]. Sufficient competition will remain on the markets for service provision by pension scheme administrators. This service provision includes, among other things, the administration of collective pension schemes and asset management. It is the first time that the NMa has passed judgement on these markets on the basis of a concentration involving pension administrators. That is why particular attention was devoted to the organisation of their service provision and the markets on which they are active.

The merger company will not be a market leader in the area of pension administration services and moreover there are still various other providers active. In the area of asset management, institutional investors such as pension funds and insurers will still have a choice of a large number of international providers. Nor will the new concentration substantially alter the competition situation on other markets where pension administrators offer services, such as non-life insurance, life insurance and life course products.


In case of mergers and takeovers, the NMa assesses whether the actual competition will not be significantly impeded, particularly through the creation or consolidation of a dominant position. Such a dominant position can have negative effects on the price, quality and diversity of products and services offered on the market.