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Competition Committee: The acquisition of ION was approved

The acquisition of ION was approved by the Competition Commission as it is noted “it does not cause serious doubts, as to its compatibility with the operating requirements of the competition in the individual markets”.

The decision of the committee states in detail the following:

At a meeting of the Competition Commission on 27 June 2022 (Decision 784/2022), it was decided, unanimously, the approval of the notified concentration concerning the acquisition of sole control by the company BESPOKE SGA HOLDINGS SOCIETE ANONYME, controlled by the Cypriot private under the name SAG INVEST & HOLDINGS LIMITED on the company ION SOCIETE ANONYME INDUSTRY AND TRADE OF COCOA AND CHOCOLATE and the company I. KOTSIOPOULOS BROS as in force 11 according to article 3 of the law 3.

This concentration does not have a horizontal or vertical dimension in any relevant market. Given that the acquiring company and the target companies do not have a pre-existing competitive relationship with each other either as direct competitors or as (potential) customers or suppliers, nor in the markets in which the acquiring companies operate, ie in the chocolate products sector. Therefore, there are no affected markets and the concentration in question cannot change the shares in the relevant markets and therefore the market structure.

In addition, no cumulative consequences are expected (concerning the heterogeneous activities of the participating companies), as the parties are not active (directly or indirectly) in either closely related neighboring markets (such as markets with complementary products or products purchased from the same total end-use consumers). While, in terms of any connection between the confectionery market and the chocolate products market, on the other hand, the possibility of excluding competitors of the consolidated company in the confectionery market through the implementation of group or combined sales practices by BESPOKE taking into account -purchases but also the position and shares of competitors.

With regard to minority – and yet non-lending – participation in a dairy company, and its position as a potential supplier in the downstream sub-markets of chocolate products, the possibility of any adverse effects on the competition is not assessed here either.

Therefore, the Competition Commission, unanimously approved according to article 8 par. 3 of law 3959/2011, the notified concentration that concerns the change of control, given that this concentration, despite falling within the scope of paragraph 1 of Article 6 of Law 3959/2011, does not cause serious doubts, as to its compatibility with the operating requirements of the competition in the individual markets to which it relates “.

Source: Capital

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