The Plenary Session of Hellenic Competition Commission (HCC), on 3 August 2023 with its decision 827/2023, unanimously approved the notified concentration, pursuant to Article 8 par. 6 of Law 3959/2011, which concerns the merger by absorption of the company “ANEK LINES S.A.” with the distinctive title “ANEK”, by the company “ATTICA HOLDINGS S.A.” with the distinctive title “ATTICA GROUP”.
By the above-mentioned decision, the HCC decided that the concentration in question, which concerns the markets for the provision of maritime transport services for passengers, cars and trucks in the Greek territory and in port pairs (Origin-Destination) in Crete and the Adriatic as well as the market for the provision of maritime transport services through public service contracts, although falling within the scope of Article 6 par. 1 of Law 3959/2011, as in force, and following a full investigation pursuant to Article 8 par. 6 of Law 3959/2011, does not raise serious doubts as to its compatibility with the requirements for the functioning of competition in the above-mentioned relevant markets.
In particular, the Plenary Session of the HCC concluded that, although the merger may significantly restrict the operation of competition, in particular by creating or strengthening a dominant position, in the relevant markets for the provision of maritime transport services for passengers, cars and trucks in certain pairs of ports (Origin-Destination) in Crete and the Adriatic, the three conditions of the failing firm defense are fulfilled.
More specifically, the Competition Commission concluded that a) ANEK would be forced to exit the market in the near future due to its financial difficulties, b) that there was no other alternative acquisition option, less harmful to competition, other than the notified concentration, and c) that there was no credible interest in acquiring the assets of ANEK and therefore the company's assets would exit the market. In any event, on the balance and the overall of the affected markets, the competitive structure will not be worse as a result of the merger than it would be in case of a non liquidation of the company's assets, and is therefore not causally related to it.
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Unofficial document for media use, not binding on the HCC. The full text of the decision 827/2023 will be published in the Government Gazette and on the HCC’s website. |