The Hellenic Competition Commission in plenary session, cleared, upon reaching an agreement on the terms and conditions to which reference is made below, the concentration concerning the acquisition of PIRAEUS PORT AUTHORITY S.A.  by COSCO (HONG KONG) GROUP LIMITED. The terms and conditions are as follows:

• COSCO shall revoke the conditions of exclusivity and shall refrain in the future from the imposition of clauses of exclusivity in the market for the provision of cargo handling services and cargo storing.
• COSCO shall maintain the same prices as are currently in place by PIRAEUS PORT AUTHORITY S.A. for the provision of cargo handling and cargo storing services which are handled at Pier 1 by PIRAEUS PORT AUTHORITY S.A. until 31/12/2017, with the option of rescinding potential price rises prior to the second semester of 2017.

The Commission, having considered the conditions of the market and its potential for improvement, as well as the commitments taken on by COSCO, concluded that the concentration does not give rise to any serious doubts as to its compatibility with merger control rules in the relevant market.