GREECE Law and Practice Contributed by: Anna Manda and Venetia Lazaratou, Karatzas & Partners
5. Decision: Prohibitions and Remedies 5.1 Authorities’ Ability to Prohibit or Interfere With Transactions The HCC has the power to prohibit a concentration, provided that the latter leads to a significant restric - tion of effective competition. A prohibition decision shall be issued within 90 calendar days following the initiation of the Phase II review process. In addition, in the event that a concentration has been implemented in breach of the Greek Competition Act, or in breach of a prohibition decision, the HCC may require the undertakings concerned to dissolve the concentra - tion, so as to restore the situation prevailing before the implementation of the concentration. In 2025, the HCC issued its second prohibition deci - sion. In particular, the HCC prohibited the acquisition of sole control by “Alphabet Education Single Member S.A.” over “Delta Schools of Northern Greece S.A.” (HCC Decision 887/2025 ( Alphabet / Delta ). Following its Phase II investigation, the HCC concluded that the proposed transaction raised serious concerns as to its compatibility with competition rules in the rel - evant markets for the provision of vocational training services through private Higher Vocational Education Schools in the geographical markets of Attica, Thes - saloniki and Volos, by creating a dominant/hyper- dominant position of the new entity in these markets. This transaction would lead to the merger of the two largest providers of vocational training services in the geographical markets concerned. The proposed rem - edies (behavioural remedies and a structural remedy limited to divestiture of Delta’s Volos branch) were deemed insufficient by the HCC to address its con - cerns. 5.2 Parties’ Ability to Negotiate Remedies The parties can offer remedies during Phase II within 20 calendar days from the issuance of the SO. The HCC may exceptionally accept remedies even after the expiry of the aforementioned 20-day period. In such cases, the HCC may increase the 90-day time limit for the issuance of its decision to 105 calendar days. In addition, under the recent amendments of the Greek Competition Act, the parties may also offer remedies
The HCC has also appeared to demonstrate privacy concerns and to be particularly sensitive regarding the protection of consumers’ personal data (see also 5.2 Parties’ Ability to Negotiate Remedies , which includes a discussion on typical remedies). Lastly, the HCC has considered the potential effects of a concentration on the national economy. More spe - cifically, public interest objectives, such as the liquidity in the banking sector and the stability of the financial system, have been taken into account by the HCC in its decisions regarding concentrations in the bank - ing sector during the financial crisis (HCC Decision 574/2013 – Piraeus Bank / Bank of Cyprus - Cyprus Pop- ular Bank , HCC Decision 568/2013 – National Bank of Greece / FBB , HCC Decision 566/2013 – Piraeus Bank / Millennium Bank , HCC Decision 562/2013 – National Bank of Greece / Eurobank Ergasias Bank ). As regards FDI filing requirements see 9.1 Legislation and Filing Requirements . 4.7 Special Consideration for Joint Ventures The Greek Competition Act reserves special consider - ation for the effect that full-function joint ventures may have on competition. In particular, apart from exam - ining whether the full-function joint venture will sig - nificantly restrict effective competition, the HCC will also examine possible co-operative effects between the previously independent undertakings. Such co- ordination will be examined by the HCC under the principles set out in Articles 1 (1) and 1 (3) of the Greek Competition Act (equivalents of Articles 101 (1) and 101 (3) of the Treaty on the Functioning of the EU). In particular, the HCC will consider: • whether two or more parent undertakings retain, to a significant extent, activities on the same market as the joint venture, or in an upstream or down - stream or closely related neighbouring market; and • whether the co-ordination that results directly from the creation of the full-function joint venture enables the participating undertakings to eliminate competition in a substantial part of the markets where they are active.
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