Thursday, 05 August 2021 10:10

Decision 743/2021

Clearance of the proposed transaction, pursuant to Art. 6(1-3) of L. 3959/20211, consisting in the change of control over DODONI S.A. Agricultural Dairy Industry of Epirus and its subsidiaries, from sole control by SI FOODS LIMITED to joint control by SI FOODS LIMITED and VENETIKO HOLDINGS, which is indirectly controlled by CVC Capital Partners SICAV-FIS S.A, through the acquisition by these companies of joint control over SI FOODS HOLDINGS LIMITED to which the latter will bring its total holding in DODONI S.A.

Decision 743/2021
File (PDF) Decision 743/2021
Date of Publication of Decision August 5th, 2021
Issue Number of Government Bulletin Publication pending
Relevant Market  Supply of raw milk
Subject of the Decision Clearance of the proposed transaction, pursuant to Art. 6(1-3) of L. 3959/20211, consisting in the change of control over DODONI S.A. Agricultural Dairy Industry of Epirus and its subsidiaries, from sole control by SI FOODS LIMITED to joint control by SI FOODS LIMITED and VENETIKO HOLDINGS, which is indirectly controlled by CVC Capital Partners SICAV-FIS S.A, through the acquisition by these companies of joint control over SI FOODS HOLDINGS LIMITED to which the latter will bring its total holding in DODONI S.A.
Legal Framework Art. 6 L. 3959/2011
Operative part of the Decision By its unanimous Decision No. 743/2021, the Hellenic Competition Commission (HCC) approved, pursuant to Art. 8(3) of Greek Law 3959/2011, the proposed transaction notified on 19.5.2021 consisting in the change of control, directly, over SI FOODS LIMITED and, indirectly, over DODONI S.A, from sole control by SI FOODS LIMITED to sole control by VENETIKO HOLDINGS, as the proposed transaction, although it falls within the scope of Art. 6(1) of Greek Law 3959/2011, does not raise any serious doubts as to its compatibility with competition rules in the relevant markets concerned.
Company(ies) concerned

SI FOODS LIMITED (DODONI S.A)

CVC CAPITAL PARTNERS (VENETIKO HOLDINGS)

Summary of Decision

The acquisition of control over DODONI by the company VENETIKO actually leads to a reduction in the number of companies due to the exit of a significant competitor from certain markets, increasing the possibility of coordination between the remaining undertakings in the market. However, a number of conditions are required to establish a risk of creation or strengthening of a single or collective dominant position as a result of the proposed concentration. The assessment of the content of the case file did not indicate any existence of conditions for creating horizontal non-coordinated effects, while in relation to the effects of coordinated behavior, there is no evidence of collective dominance as a result of the notified transaction in the markets concerned. Regarding the possibility of the transaction leading, on the one hand, to an input foreclosure of the new entity's competitors in the vertically affected downstream markets and, on the other hand, to customer foreclosure of the new entity's competitors in the upstream markets, it is clear that the conditions for any input or customer foreclosure of competitors are not met. Also, the transaction does not increase the degree of symmetry between firms active in the upstream markets, there are no significant structural links between the new entity and the undertakings operating in these markets and there is a significant number of smaller competitors in the upstream markets that could put at risk any coordination between companies operating in them.

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