GREECE Law and Practice Contributed by: Anna Manda and Maria Kallidopoulou, Karatzas & Partners
concentration should not significantly impede effective competition, similarly to what is applied under the EUMR (the “SIEC test”). Pursuant to the SIEC test, the HCC will examine whether the concentration may significantly impede effective competition in the Greek market or in a substan - tial part thereof, in particular through the creation or reinforcement of a dominant position. In its assessment, the HCC will take into account, inter alia, the structure of all the rel - evant markets, actual and potential competition, barriers to entry, the market position and eco - nomic strength of the participating undertakings, any alternatives available to suppliers and users, supply and demand trends for the products and services involved, and the bargaining power of suppliers and customers. With respect to horizontal mergers, the HCC will assess whether a concentration may lead to a significant impediment to effective competition, by creating or by enhancing a dominant posi - tion, either by eliminating substantial competi - tive constraints (unilateral or non-coordinated effects), or by altering the nature of competition and thus facilitating the co-ordination between previously competitive/non-coordinating under - takings (co-ordinated effects). With respect to vertical mergers, the HCC will assess whether the concentration may result in co-ordinated or non-coordinated effects on the vertically affected markets or lead to input or customer foreclosure. Concerning conglomerate mergers, the HCC will assess whether the concentration would result in foreclosure through tying or bundling.
Regarding full-function joint ventures, please refer to 4.7 Special Consideration for Joint Ventures. As regards concentrations in the (informative) media sector, Law 3592/2007 expressly pro - vides that a concentration is not permitted where it involves undertakings that hold a dominant position in this sector or where the concentration would result in the creation of such dominant position. Dominance is thereby defined by refer - ence to specific market share thresholds, which range from 25% to 35%. 4.2 Markets Affected by a Transaction The HCC closely follows the EC practice and the relevant EU case law when determining which markets may be affected by the transaction. In particular, an affected market is deemed to arise when: • two or more of the participating undertakings are engaged in business activities in the same product and geographic market (horizontal relationships), and the concentration would result in a combined market share of at least 15% in the relevant market (for horizontal mergers); or • one or more of the participating undertakings are engaged in business activities in a prod - uct market that is upstream or downstream from a product market in which any other participating undertaking is engaged (vertical relationships), and either their individual or combined market shares in either level is at least 25%. In the event that the aforementioned thresh - olds are not satisfied, no affected markets are deemed to exist, and the competitive concerns are generally deemed unlikely. The same applies
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