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Michelin: EU approves joint acquisition of Watèa

( - The European Commission has approved the acquisition of joint control of Watèa by Crédit Agricole Leasing & Factoring (CAL&F) and Compagnie Financière Michelin (CFM), all based in France.

Watèa is a company created by Compagnie Générale des Établissements Michelin (Michelin) in 2021 that offers vehicle fleet leasing and management services in France to assist companies in their transition to greener vehicle fleets.

CAL&F offers lease financing solutions and is controlled by Crédit Agricole Group, a mutual group offering banking and insurance services.

CFM is controlled by Michelin, which manufactures and distributes tyres for the automotive and other industries.

The Commission concluded that the proposed transaction would not raise competition concerns given its very limited impact on the market structure.

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