By its Decision no 815/2023, adopted on the 13th of April 2023, the Hellenic Competition Commission (HCC), in Plenary Session, unanimously approved, pursuant to Articles 5 to 10 of Law 3959/2011, the notified concentration concerning the acquisition by the company under the name « PIRAEUS BANK S.A. » (from now on « Piraeus Bank ») of sole control, on the basis of a mandatory public offer, over the company under the name « MARFIN INVESTMENT GROUP HOLDING COMPANY S.A. », currently « MIG INVESTMENT GROUP HOLDING COMPANY S.A.» (from now on « MIG ») within the meaning of article 5(2)(b) of Law 3959/2011.
At the moment of the notification of the present concentration, MIG’s portfolio included, among others, « ATTICA GROUP HOLDING COMPANY S.A. » (from now on « ATTICA »), which is active in ferry services transporting passengers and vehicles and in the market for the provision of hotel services in Greece. Furthermore, MIG is active in the real estate market in Serbia.
It is noted that on 25.10.2023 ATTICA notified its intended merger by acquisition of « SHIPPING COMPANY OF CRETE S.A.» (ΑΝΕΚ). The substantive appraisal of this concentration is currently pending before the HCC. Furthermore, on 21.12.2022, the company under the name Blantyre Capital Limited (from now on « Blantyre ») has notified to the HCC the acquisition of sole control over ATTICA. This concentration has been approved by the HCC (Decision no 811/2023) on the 23rd of February 2023, but has not yet been completed.
In view of the above facts, the HCC has assessed the effects of the concentration in question on competition by taking into account a series of alternative scenaria regarding the materialisation (or not) of the concentrations ATTICA/ANEK and Blantyre/ATTICA. Based on the information and the clear confirmation provided by the parties that the acquisition of sole control by Blantyre over ATTICA, which has been approved by the HCC decision no 811/2023, will be completed, the Hellenic Competition Commission has decided that competition conditions will not change as a result of the transaction in question, while potential effects on competition in the ferry markets for passengers and vehicles will be examined in the context of the notified merger by acquisition of «ΑΝΕΚ» by «ATTICA ».
Furthermore, the alleged acquisition by Piraeus Bank of de facto control over MIG prior to the notification of this concentration to the HCC is the object of a separate procedure.
In view of the above, the Hellenic Competition Commission, in Plenary Session, unanimously approved, under article 8(3) of Law 3959/2011, the notified concentration as, although falling within the scope of article 6(1) of the Greek Law 3959/2011, it does not raise serious concerns as to its compatibility with competition rules in the individual markets concerned.