GREECE Law and Practice Contributed by: Theodoros Skouzos and Natalia Skoulidou, Iason Skouzos TaxLaw
Hybrid Remedies These are used when structural remedies alone can - not fully resolve concerns, combining structural and behavioural commitments. 6.4 Antitrust/Competition Enforcement The HCC can review, condition or prohibit any con - centration under Law 3959/2011 that meets merger notification thresholds. Although it does not screen FDI separately, foreign investments that involve an acquisition of control fall fully within merger control. The HCC may block a deal, approve with remedies, or intervene post-closing if the transaction was com - pleted unlawfully. There is no distinct FDI-specific blocking power in competition law. Before closing, the HCC may: • prohibit the transaction; • approve it subject to structural or behavioural remedies; or • enforce the standstill obligation (no closing before clearance). After closing, if the parties failed to notify or closed early, the HCC may: • deem the implementation unlawful (gun-jumping); • order unwinding or divestment; • impose daily fines until compliance; and • open ex officio investigations. Decisions are taken by the HCC (Plenary or Chamber) and may be appealed to the Athens Administrative Court of Appeals, then the Council of State. The consequences of closing without merger clear - ance include: • the investment being declared unlawful, incurring fines up to 10% of worldwide turnover, daily fines of up to EUR10,000, and possible divestments; • the possible invalidity of the share purchase agree - ment or share transfer until approval is received; and • rare but possible criminal liability for executives.
(a) if the HCC identifies concerns, it may approve the transaction subject to remedies (divesti - tures, behavioural commitments, structural separation); or (b) the HCC may prohibit the transaction (rare) if remedies are not sufficient. The HCC will weigh pro-competitive benefits (if any) against anti-competitive risks. 6.3 Remedies and Commitments The HCC may impose or accept remedies to address competition concerns, broadly aligned with EU prac - tice. Remedies may be structural, behavioural or hybrid, with a clear preference for structural solutions. Structural Remedies These are the HCC’s preferred option. They alter mar - ket structure and typically include: • divestitures of business units, assets, brands, cus - tomer portfolios or distribution networks, usually to an approved purchaser that is independent, viable and able to maintain competition; • the transfer or licensing of IP (eg, exclusive trade mark or technology licences); or • the severing of competitive links, such as removing minority shareholdings or cross-directorships. Behavioural Remedies These are accepted but less preferred, and regulate conduct rather than structure, such as: • non-discrimination obligations (eg, supplying inputs/services on FRAND terms); • access commitments to infrastructure, networks, data, platforms or essential facilities; • firewalls to prevent sensitive information flows; • restrictions on tying/bundling, loyalty rebates or preferential pricing; • targeted pricing or margin commitments (used rarely); or • limits on contractual influence over suppliers or distributors.
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