GREECE Law and Practice Contributed by: Anna Manda and Maria Kallidopoulou, Karatzas & Partners
4.7 Special Consideration for Joint Ventures The Greek Competition Act reserves special consideration for the effect that full-function joint ventures may have on competition. In particular, apart from examining whether the full-function joint venture will significantly restrict effective competition, the HCC will also examine possi - ble co-operative effects between the previously independent undertakings. Such co-ordination will be examined by the HCC under the princi - ples 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 downstream or closely related neighbouring market; and • whether the co-ordination that results directly from the creation of the full-function joint ven - ture enables the participating undertakings to eliminate competition in a substantial part of the markets where they are active. 5. Decision: Prohibitions and Remedies 5.1 Authorities’ Ability to Prohibit or Interfere With Transactions The HCC has the power to prohibit a concentra - tion, provided that the latter leads to a significant restriction of effective competition. A prohibition decision shall be issued within 90 calendar days following the initiation of the Phase II review pro - cess. 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 undertak - ings concerned to dissolve the concentration, so as to restore the situation prevailing before the implementation of the concentration. 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 reme - dies 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 during the Phase I investi - gation within 20 calendar days from the date of the notification of the concentration. In that vein, the HCC issued in 2022 its first decision where it accepted remedies in Phase I (803/2022 – Anedik Kritikos SA/Synergazomenoi Pantopoles SA ). Similarly, in 2024 the HCC also accepted remedies in Phase I (854/2024 – Raidestos/Cer- tis/Efthimiadis ). Nonetheless, it shall be noted that the earlier the remedies are offered during the HCC’s assessment of the concentration, the more efficient these need to be in alleviating HCC’s competitive concerns. Typical Remedies HCC Decision 779/2022 determines the con - tent of the notification form on remedies and its accompanying documents. The HC decision also includes a model text for divestiture com - mitments and a model text for trustee mandates. In general, the HCC follows the EC’s Notice on Remedies and the relevant EU case law in assessing remedies.
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