GREECE Law and Practice Contributed by: Anna Manda and Venetia Lazaratou, Karatzas & Partners
well as the estimated impact of the concentration on competition. In addition, criminal sanctions ranging between EUR15,000 and EUR150,000 may be also imposed on the undertaking’s executives for violation of the merger control provisions. In 2023, the HCC imposed a fine of EUR30,000 on an undertaking for failure to notify (HCC Decision 823/2023 – Anedik Kritikos SA / Synergazomenoi Pantopoles SA ). In 2022, the HCC imposed a fine of EUR500,000 for gun-jumping (HCC Decision 752/2021 – OPAP / Stoiximan Business ). Lastly, in 2018, the HCC also imposed a fine of EUR50,000 on an undertak - ing for failure to notify and in the same decision an additional fine of EUR30,000 for gun-jumping (HCC Decision 659/2018 – Alter Ego Media / DOL SA ). To the best of the authors’ knowledge, no penalties have been imposed in the case of foreign-to-foreign transactions. 2.14 Exceptions to Suspensive Effect Notwithstanding the suspensive effect of the imple - mentation of a notifiable concentration, the Greek Competition Act provides for two derogations. • First, the implementation of a public bid or the acquisition of a controlling interest in the context of stock exchange transactions shall not be pre - vented provided that (i) the concentration is notified to the HCC prior to its implementation and after the signing of the relevant binding agreement, the acquisition of controlling interest, or the announce - ment of a public bid that confers control on a lasting basis; and (ii) the acquirer does not exer - cise the voting rights attached to the securities in question or does so only to maintain the full value of its investments based on the grant of a special derogation by the HCC. Hence, in case of non- clearance of the transaction, the risk shifts to the acquirer, since the acquirer would need to dispose of the shares. • Second, the HCC may, upon request, grant a dero - gation from the obligation to suspend the comple - tion of a transaction that is notifiable, in order to prevent serious effects to the detriment of one or
more of the undertakings concerned or to the detri - ment of a third party. The HCC decision to grant a derogation may be issued subject to conditions and obligations aimed to safeguarding effective competition and preventing situations that could jeopardise the enforcement of an eventual HCC decision prohibiting the concentration. A deroga - tion granted by the HCC may be revoked where: (i) the derogation is based on incorrect or mislead - ing information; or (ii) the undertakings concerned violate the conditions attached to the derogation. • In 2024, the HCC granted a derogation from the suspensive effect of the implementation of a notifiable concentration due to consumer welfare and public interest considerations (HCC Decision 859/2024 – GEK Terna / Attiki Odos ). Moreover, in 2022, the HCC granted a derogation from the sus - pensive effect of the implementation of a notifiable concentration between two companies active in the market for the supply of natural gas (HCC Deci - sion 804/2022 – Pyrsos / Prometheus Gas ), in order to prevent serious financial effects to the detriment of the target company caused by the EU sanctions imposed against Russia. The derogation granted was subject to specific prohibitions until clearance, such as the transformation of the target’s group, the conclusion of long-term supply agreements, etc. Apart from the aforementioned cases, the HCC is generally hesitant to grant such derogations. 2.15 Circumstances Where Implementation Before Clearance Is Permitted There are no other derogations to the suspensory effect for the implementation of a notifiable concen - tration, apart from the two described in 2.14 Excep- tions to Suspensive Effect . With respect to a potential carve-out, the HCC will follow the relevant case law of the EU Courts and the EC, especially in relation to interim implementation measures, such as warehous - ing, etc. 3. Procedure: Notification to Clearance 3.1 Deadlines for Notification As analysed in 2.1 Notification , a concentration that satisfies the relevant turnover thresholds (see 2.5 Jurisdictional Thresholds ), shall be notified to the
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