The European Commission has previously issued a resolution that the Hungarian government vetoed the acquisition of Aegon by a decision of 6 April 2021. The committee in this regard that Hungary violated EU law with the move.
Last March, it was announced that Aegon Hungary, the largest insurance company in the region, would continue to operate as a member of the Vienna Insurance Group (VIG), headquartered in Vienna. However, the business is regulated by the Home Office due to the emergency, citing a government decree on economic protection measures. The European Commission launched an investigation against the Hungarian government last autumn, saying they had unlawfully blocked the deal on the grounds of dangerous government.
The next development in the case was that it would be revealed in December that Aegon could become Hungarian property. The Ministry of Finance then announces that an agreement has been signed between Hungary and the Viennasurance Group, in which the author owns 45 percent of the state’s property in addition to the Aegon security, even in Union Biztos.
The Commission responded to this case on Thursday with the European Parliament. It was written that the Hungarian decision violated Article 21 of the EU Merger Regulation. According to their resolution:
The Committee has exclusive competence to examine new concentrations, which may not apply their national law to these transactions.
He added: “Which can only provide support for the protection of legitimate interests if these measures are compatible with the general principles and other provisions of the new law and if, except in a few exceptional cases, the member informing the Commission informs the Commission. The Commission shall verify that the measure is appropriate and compatible with Union law and shall examine whether it has a legitimate interest. “
According to the committee, “there are doubts as to whether the measure is aimed at protecting Hungary’s legitimate interests under the EU Merger Regulation”. Therefore, it is considered in advance that Hungary’s argument is unsatisfactory and thus the veto was not justified.
The committee arrested the Hungarian government to request a resolution within 10 working days.
If the response does not fully address the concerns, the Commission has taken a final decision finding that Hungary has violated Article 21 of the EU Merger Regulation and may order the lifting of the veto.
– wrote at the end of the communication.