The relevant markets for major public and private construction projects.

Clearance decision on the notified concentration, pursuant to Article 6 of Law 3959/2011, concerning the acquisition of sole control over the company under the name P.&C. DEVELOPMENT S.A. by the company under the name TERNA S.A., following the Statement of Objections under ref. no. 6636/24.09.2024 by the Commissioner-Rapporteur I. Stefatos.

Articles 5-10 of Law 3959/2011

Operative part of the Decision

The Hellenic Competition Commission, in Chamber sitting, unanimously approved, under Article 8 (3) of Law 3959/2011, the notified concentration concerning the acquisition of sole control over the company under the name P.&C. DEVELOPMENT S.A. by the company under the name TERNA S.A. as, although falling within the scope of Article 6 (1) of the Greek Competition Act, it does not raise serious concerns as to its compatibility with competition rules in the individual markets concerned.

1. TERNA S.A.
2. P.&C. DEVELOPMENT S.A.

Following the assessment of any horizontal effects of the transaction on the relevant markets for major public and private construction projects, where the parties to the transaction, namely TERNA S.A and P.&C. DEVELOPMENT S.A. are active, the HCC concluded, inter alia, that the resulting increased new entity’s market share that is causally linked to the concentration under consideration, namely the increase brought about through the addition of the target company’s market share to the TERNA Group's market share, is insignificant. Furthermore, the vast majority of competitors surveyed in this regard consider that there are no barriers to entry into the construction industry and that, the effects of the notified acquisition on the market under consideration, in general, will be negligible.

In the light of the above considerations, the Hellenic Competition Commission, in Chamber sitting, unanimously approved the notified concentration under Article 8 (3) of Law 3959/2011 as, although falling within the scope of Article 6 (1) of the Greek Competition Act, it does not raise serious concerns as to its compatibility with competition rules in the individual markets concerned.