CYPRUS Law and Practice Contributed by: Marios Pelides and Dominique Pelides, Georgiades & Pelides
3.4 Parties Responsible for Filing Where the notifiable transaction involves a merg - er of two previously independent undertakings, or the acquisition of joint control over one or more undertakings, notifications must be made, either jointly or separately, by each participant. In all other circumstances, the responsibility to notify rests with the person acquiring control (eg, in a share sale which does not involve the crea - tion 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 trans - action is expected to raise meaningful competi - tion concerns). There is no short-form version of the notification; all notifications must, at a mini - mum, 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 concentration, including the circumstances which lead to concentration, whether the whole or only parts of an undertaking are involved in the concentration and, in the case of a public offer, whether the offer is support - ed by the board of directors of the offeree; • explanation of the purposes of the concentra - tion; • whether the concentration has been notified to other competition authorities (and if so, the timing 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 anticipated 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 partici - pant; • the number of employees of each participant, both in Cyprus and worldwide; • details of the group structure of each partici - pant; • 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 participant (or member of the participant’s group); • description and analysis of all relevant product and geographic markets, and of all reasonable alternative definitions of relevant product and geographic markets; • description and analysis of all affected mar - kets and other markets likely to be signifi - cantly affected by the concentration, includ - ing information regarding: (a) turnovers (of the market generally and the specific 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 intermediate consumers; (g) impact of research and development activities; and (h) distribution and supply networks; • where a joint venture is being established, confirmation of whether the joint venture
121 CHAMBERS.COM
Powered by FlippingBook