Tuesday, 15 February 2022

Decision 769/2022

Clearance of the proposed acquisition,according to article 6(paras 1-3) of L. 3959/2011, of sole control by the company “DELTA Industrial and Commercial Food Company Single Member S.A.” (with the distinctive title “DELTA Foods Single Member S.A.”)over “Daniel S. Gatenio& Son S.A.Food and Beverages Import and Export Company” (with the distinctive title “Daniel S. Gatenio& Son S.A.”).

Decision 769/2022

File (PDF) Decision 769/2022
Date of Issuance of Decision February 15th, 2022
Issue Number of Government Bulletin                                     5022/ Β΄/26.9.2022
Relevant Market      Dairy raw materialmarkets(imports of cream, condensed milk, etc), which are used or can be used as inputs in relevant markets for the production of final dairy products, , (yogurts, yogurt desserts, milk drinks, butter, etc.)

Subject of the Decision Clearance of the proposed acquisition of sole control by “DELTA Industrial and Commercial Food Company Single Member S.A.” (distinctive title “DELTA Foods Single Member S.A.”) over “Daniel S. Gatenio& Son S.A. Food and Beverages Import and Export Company” (distinctive title “Daniel S. Gatenio& Son S.A.”), according to article 6(paras. 1-3) of L. 3959/2011, following the Opinion under ref. no. 14540/14.2.2022 of the case-Rapporteur, I. Stefatos.
Legal Framework

Articles 6-8,  L. 3959/2011

Operative part of the Decision

 By its unanimous Decision No. 769/2022, the Hellenic Competition Commission (HCC), in plenary, approved under art. 8(3) of Law 3959/2011, the proposed concentration, according to art. 6(3) of Law 3959/2011,consisting in the acquisition of sole control by the company “DELTA Industrial and Commercial Food Company Single Member S.A.”, a wholly-owned subsidiary of VIVARTIA HOLDINGS S.A.,solely controlled by CVCinvestment fund, of 100% of the share capital and voting rights of the company "Daniel S. Gatenio& Son Societe Anonyme food and beverages Import and Export Company", considering that the transaction in question, although it falls within the scope of Art. 6(1) of Greek Law 3959/2011, does not raise serious doubts as to its compatibility with the competition rules in the relevant markets concerned.

Company(ies) concerned
  1. “DELTA Industrial and Commercial Food Company Single Member S.A.”
  2. "Daniel S. Gatenio& Son Societe Anonyme food and beverages Import and Export Company",
Summary of Decision

The merger does not present a significant horizontal dimension, in the wider dairy sector, as the participating companies DELTA (and / or DODONI which also belongs to the CVC investment fund) and GATENIO are neither active in the same market nor, although there is a horizontal overlap (soft cheeses, semi-hard cheeses, etc.), their combined shares in the relevant markets fall below of the relevant thresholds to produce anticompetitive effects.The proposed merger mainly has a vertical dimension as GATENIO is mainly active in the Greek dairy market, with imports of cream, condensed milk, etc., as raw materials, which are used or can be used as inputs, for the production of final (retail) dairy products, in relevant markets, (like yogurts, yogurt desserts, milk drinks, butter, etc.), in which the dairy industry DELTA (and / or DODONI, which belongs to the CVC investment fund) operate. These, however, mainly use raw Greek milk as raw material.

In addition, with regard to the marketing of the dairy products on the markets in question, the countervailing power of customers and competitors of the parties to the concentration and  alldata collected for each affected market in the Greek dairy sector, all suggest, that the acquisition in question will not cause structural changes in the relevant markets nor will it lead to input and customer foreclosure of competitors, namely the dairy industries DELTA or DODONI.

Judicial Means -
Decisions by the Court of Appeal of Athens (Administrative Division) -
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