June 07^th, 2013

Light Vehicle Sales, Vehicle Maintenance & Repair, Spare Parts and Accessories, Second-hand, used Vehicles

Merger

Phase Ι (Article 8 par. 3 of L. 3959/2011)

Clearance

Acquiring company(ies)

1. Vasileios Theocharakis 
2. Marina Theocharaki
3. Anna-Maria Theocharaki 
4. Despoina Theocharaki 

Target company (ies)

1. PEZEA HELLAS CARS TRADE LTD
2. ΑUTOMOBILE S.A.
3. COFORA HELLAS S.A.

The competent Chamber of  the Hellenic Competition Commission (HCC), unanimously and in open vote, approved, pursuant to article 8 par. 3 of L. 3959/2011, the notified merger resulting from the acquisition of joint control through the acquisition of 100% of the share capital, over the companies a) “PEZEA HELLAS CARS TRADE LTD”, b) “ΑUTOMOBILE S.A.” and c) “COFORA HELLAS S.A.” by the individuals a) Vasileios Theocharakis, b) Marina Theocharaki, c)Anna-Maria Theocharaki and d) Despoina Theocharaki, given that the notified merger, despite the fact that it falls within the scope of par. 1 of article 6 of L. 3959/2011, it does not raise serious doubts as to its compatibility with the competition rules in the  relevant markets concerned. 

The concentration in question was analyzed in light of the relevant product and service markets, which are in particular: a) the market for the sale of new passenger motor cars, b) the market for the sale of new light vehicles (LCVs), c) the market for the maintenance and repair of such vehicles, d) the market for the sale of spare parts and components/accessories of the above vehicles and e) the market for the sale of second-hand vehicles. For the purposes of the present case, it is unnecessary to distinguish between the distribution of vehicles through different distribution channels, as it does not affect its assessment.

By its decision, the Hellenic Competition Commission, taking into consideration: 

- the limited market shares of the merging undertakings in all the markets in which they operate 

- the fact that although there are affected markets, in some of them the shares that will emerge after the completion of the operation in question will be marginally higher than the fixed 15%  for horizontal concentrations (A, B, MPV-M and Vanette), in some others the change of the share will be marginal (Pick-up) and in some others with larger shares, the share of the affected market (category) is small in the total number of vehicles sold (Van, Combi, C + C), [… ], 

- the fact that the notified concentration does not substantially alter the shares in the markets in which the participating parties operate and does not create or strengthen a dominant position,

- the existence of significant actual and potential competition (the existence of competitive pressures from the activity of other competitors in the relevant markets),

- the historical variation of the shares of all competing companies, due to the constant introduction of new models, 

- the lack of legal and real market entry barriers and 

- the declining trend of the overall vehicle market (42% decrease since 2008), 

decided that the notified concentration is not expected to significantly affect competition or create a significant restriction of competition in any of the affected markets.

Final. No appeal.

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