CYPRUS Law and Practice Contributed by: Marios Pelides, Dominique Pelides and Konstantinos Efthymiadis, Georgiades & Pelides
3.4 Parties Responsible for Filing Where the notifiable transaction involves a merger of two previously independent undertakings, or the acquisition of joint control over one or more under - takings, notifications must be made, either jointly or separately, by each participant. In all other circum - stances, the responsibility to notify rests with the person acquiring control (eg, in a share sale which does not involve the creation of a joint venture, the purchaser). 3.5 Information Included in a Filing Notifications tend to be quite detailed and will typically run to between 20 and 30 pages for most transactions (and will be longer if the transaction is expected to raise meaningful competition concerns). There is no short-form version of the notification; all notifications must, at a minimum, contain the following information: • names, addresses and contact details of all the participants in the concentration, along with a description of their business activities; • description of the nature and extent of the concen - tration, including the circumstances which led to the concentration, whether the whole or only parts of an undertaking are involved in the concentra - tion and, in the case of a public offer, whether the offer is supported by the board of directors of the offeree; • explanation of the purposes of the concentration; • whether the concentration has been notified to other competition authorities (and if so, the tim - ing of the notification and whether it has been approved by them); • description of the financial and structural aspects of the concentration, including the structure and control of the relevant undertaking(s) following implementation of the concentration, the anticipat - ed date the concentration will be implemented, as well as a description of any support received from any (public or private) sources; • details of the worldwide and Cypriot turnover of each participant; • details of profits before tax for each participant; • the number of employees of each participant, both in Cyprus and worldwide; • details of the group structure of each participant;
• information regarding other entities active in the affected markets, in which a participant (or its group) holds at least 10% of the shares or voting rights, or where there is an overlap between the board members of the entity concerned and a par - ticipant (or member of the participant’s group); • description and analysis of all relevant product and geographic markets, and of all reasonable alterna - tive definitions of relevant product and geographic markets; • description and analysis of all affected markets and other markets likely to be significantly affected by the concentration, including information regarding – (a) turnovers (of the market generally and the spe - cific participants); (b) details of demand and supply in the market; (c) market shares of the participants and their competitors; (d) barriers to entry, including significant entries in the market in the preceding five years and expected future entries; (e) economies of scale; (f) impact of the concentration on final and inter - mediate consumers; (g) impact of research and development activities; and (h) distribution and supply networks; and • where a joint venture is being established, confir - mation of whether the joint venture participants will continue to participate in the same market(s) or in an adjacent market as the joint venture, and if so, details of their turnover, market share and activi - ties. The notifying parties must also confirm that all the information and estimates contained in the notification are, to the best of their knowledge, accurate, that any expressions of opinion are genuinely held and that they are aware of the potential penalties that could be imposed. Parties may nominate a representative to sign the notification and handle queries regarding the notifi - cation on their behalf. In this case, details of the rep - resentative and evidence of their authorisation (in a prescribed form) must also be submitted.
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