Monday, 10 February 2014 00:00

Decision 586/2014

Decision on the possible early realization of the concentration which concerned the increase from 34% to 51% of the participation of the company MARINOPOULOS GENERAL TRADE SA in the share capital of the company under the name OK ANYTIME SUPPLY MARKET SA, which has been cleared with HCC DecisionNo. 552 / VII / 2012, in violation of article 9 par. 1 of law 3959/2011.

Decision 586/2014
File (PDF) Decision 586/2014
Date of Publication of Decision February 10th, 2014
Issue Number of Government Bulletin
Relevant Market

Retail Sale of Food and Consumables (Supermarkets)

Subject of the Decision

Merger

Legal Framework

Article 9 par. 1 L. 3959/2011

Operative part of the Decision

No fine was imposed

Notifying company/ies

MARINOPOULOS GENERAL TRADE SA

Controlled

OK ANYTIME SUPPLY MARKET SA

Summary of Decision

The competent chamber of the HCC, with its decision no. 586/2014 regarding the possible prior realization of the concentration which concerned the increase from 34% to 51% of the participation of the company MARINOPOULOS GENERAL TRADE SA in the share capital of the company under the name OK ANYTIME SUPPLY MARKET SA, which has been cleared with HCC Decision No. 552 / VII / 2012, in violation of article 9 par. 1 of law 3959/2011, decided not to impose a fine on the company MARINOPOULOS GENERAL TRADE SA, as well as on the natural persons-members of the family […], who had the obligation to notify the merger, for the following reasons:

  • The notifying parties did not seek to override the substantial assessment of the concentration by the HCC, nor to conceal the concentration carried out, but on the contrary they took all the necessary steps for its notification in a timely manner.
  • The executives of the companies that handled the case were mistaken in believing that because MARINOPOULOS already participated in the share capital of the controlled company with 34%, its acquisition of extra shares amounting to a total of 51% of the capital, was no change in joint control and that the representation of the company did not change, given that […] was already Chairman and CEO and continued to be CEO with the new Board and to have the main responsibilities.Hence the deferral condition for the realization of the concentration prior to HCC approval was omitted in the minutes of 18/9/2012.

Based on the above, the element of fault is not sufficiently established by law, and therefore the conditions for the application of the provision of article 9 par. 1 of law 3959/2011 are not met, even if it was decided that there was an early realization, and the HCC considers that no fine should be imposed.

Judicial Means Final. No judicial proceedings.
Decisions by the Court of Appeal of Athens (Administrative Division) -
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