GREECE Law and Practice Contributed by: Anna Manda and Maria Kallidopoulou, Karatzas & Partners
The purpose of the remedies would be to ensure that the competition concerns arising from the concentration are being removed. Thus, there is often pushback for behavioural remedies. 5.4 Negotiating Remedies With Authorities Until the modification of the Greek Competition Act (see 1.1 Merger Control Legislation ), rem- edies could only be proposed by the parties dur - ing the Phase II review process. However, under the current Greek merger control regime, reme - dies can be proposed and submitted both under the Phase I and the Phase II review process. In particular, remedies should be submitted within: • 20 calendar days from the notification date, when remedies are proposed in Phase I; or • 20 calendar days from the date on which the case is introduced before the HCC with the submission of the SO by the Rapporteur allot - ted to the case, when remedies are proposed in Phase II. Exceptionally, the HCC may accept remedies proposed after the afore - mentioned deadline. In this case, the 90-day time limit for the completion of Phase II may be extended to 105 calendar days. Under the Greek Competition Act, there is no “earliest” point in the procedure when the parties can begin negotiating remedies with the HCC. In practice, the parties would seek to start nego - tiating the proposed remedies with the HCC as early as possible in the process, and even before the Rapporteur issues its SO in the Phase II review. The HCC can only impose the remedies pro - posed by the parties and does not have the power to impose remedies not agreed by them. In practice, however, the remedies proposed by the parties often result from unofficial discus -
sions with the HCC, during which the HCC often guides the parties as to the type of remedies that could address the competition concerns. 5.5 Conditions and Timing for Divestitures As analysed in 5.4 Negotiating Remedies With Authorities , HCC Decision 779/2022 determines the content of the notification form on remedies and its accompanying documents. The latter decision sets out the information that should be included in the submission of remedies, and also includes a standard notification form for divest - ment remedies. Remedies have to be implemented in accord - ance with the relevant merger clearance decision of the HCC, normally within a prescribed period post-completion of the transaction. To date, the HCC has issued only one decision where the divestment was imposed as a condition for clearance (HCC Decision 515/2011 – Vivartia/ Mevgal ). A divestment remedy would normally require keeping the business/asset to be divested sepa - rate until the completion of its sale. The parties will be also required to report to the HCC regard - ing the actions taken in order to implement the agreed remedies. If necessary, the HCC may also appoint a trustee to monitor the implemen - tation of the agreed remedies. If the parties do not comply with any of the agreed remedies, the HCC may revoke its clearance decision. In addition, the HCC may also impose a fine of up to 10% of the combined aggregate turnover of the participating undertakings. The relevant undertakings may also request for the modification of the agreed remedies, in the event that the circumstances significantly change. In HCC Decision 713/2020 – Diamantis Masou-
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