CYPRUS Law and Practice Contributed by: Marios Pelides and Dominique Pelides, Georgiades & Pelides
In particular, a party suggesting one or more remedies should do the following: • describe in detail the objective of the sug - gested remedies and the proposed conditions to their implementation; • explain how the proposed remedies are intended to address the competition con - cerns identified by the CPC; and • provide a non-confidential description of the remedies and their expected impact, to enable the CPC to market-test the proposed remedies if it so wishes (see 7.2 Contacting Third Parties ). Where a proposed remedy involves the sale of a business, the following additional information should be provided: • general information regarding the business to be sold, including a description of the legal entities that make up the business, their place(s) of operations and other areas where they undertake activities or provide services, as well as the organisational structure of the business; • a description of any legal barriers to sale (eg, third-party rights or requirements to obtain regulatory consents); • a description of the products and/or ser - vices offered by the business, including their technical and other characteristics, turnover relating to each product/service, business or trade names, etc; • a description of any supporting business functions, to the extent these are not per - formed at the level of the business itself (eg, research and development, sales and market - ing, suppliers); • a detailed description of the relationships between the business to be sold and other enterprises controlled by the participants (eg,
common staff or assets, contracts for ser - vices concluded between such enterprises, common customers); • a description of all tangible and intangible assets (including intellectual property rights) of the business to be sold; • a structure diagram setting out the number of employees of each business function and a list of employees who are necessary for the continuation of each function; • a description of the customers of the busi - ness and apportionment of the turnover of the business to each customer; • financials of the business, including turnover and EBITDA for the preceding two years, as well as projections for the next two years; • a description of every change in its organi - sational structure and the relationships with its group entities during the preceding two years and a summary of upcoming changes planned during the next two years; and • an analysis of the rationale of the sale, to an appropriate purchaser, within the suggested timeframe. 5.4 Negotiating Remedies With Authorities Parties may propose remedies once invited to do so by the CPC (in practice when the CPC decides to proceed to a Phase II investigation). The CPC will enter into negotiations of remedies with the parties if it considers that the remedies proposed by the parties are insufficient to allay the competition concerns identified by the CPC. The CPC can also suggest its own remedies dur - ing the negotiation phase and may impose any conditions it considers appropriate in its clear - ance decisions.
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