Thursday, 17 March 2022

Press Release - Approval of the notified merger concerning the acquisition by the company SIEMENS ENERGY AG

Subject: Approval of the notified merger, according to articles 5-10 of Law 3959/2011, concerning the acquisition by the company under the name "SIEMENS ENERGY AG" of sole control over the Greek Energy Branch of the company under the name "SIEMENS ELECTROTECHNICAL PROJECTS AND PRODUCTS SOCIETÉ ANONYME".

By its unanimous Decision, adopted on 17 Match 2022, the Hellenic Competition Commission (HCC) approved, under article 6(1-3) of L. 3959/2011, the proposed acquisition by "SIEMENS ENERGY AG", through its indirect subsidiary under the name "SIEMENS GAS AND POWER HOLDING B.V.", part of the “SIEMENS ENERGY” group, of sole control over the Greek Energy Branch of the company under the name "SIEMENS ELECTROTECHNICAL PROJECTS AND PRODUCTS SOCIETÉ ANONYME" through its partial division and acquisition by “SIEMENS ENERGY SINGLE-MEMBER PUBLIC LIMITED COMPANY”, a special purpose vehicle, wholly owned by “SIEMENS GAS AND POWER HOLDING B.V.”.

SIEMENS ELECTROTECHNICAL PROJECTS AND PRODUCTS SOCIETÉ ANONYME is active in the market of product distribution, which includes the sale and installation of products and systems related to energy generation and transmission. According to the HCC, as well as on the basis of European Commission’s earlier decisions, the wholesale distribution of electronic components / products is a distinct product market, separate from that of computers or IT products. The main sectors in which SIEMENS ENERGY AG operates are a) energy generation b) industrial applications, c) energy transfer, and d) the new energy sector (via electrolysis).

In the light of the foregoing and for the purposes of the proposed acquisition, it appears that there are no horizontally affected markets, as neither the acquiring SIEMENS ENERGY AG and the companies over which it has rights nor the acquired Greek Energy Branch have any business activity in the same relevant product / service market.

Furthermore, regarding the vertical relationship in this concentration, it is noted that all competitors of SIEMENS ENERGY AG in Greece have developed their own product distribution system through their subsidiaries - agents. Furthermore, the HCC has ruled that that the new entity has no possibility to foreclose competitors’ access to customers ("customer foreclosure") nor to foreclose competitors’ access to inputs ("input foreclosure") and any possibility is purely theoretical and pre-existing (it does not occur as a result of this transaction), i.e. it is not causally linked to this transaction.

Therefore, at its Plenary meeting on March 17, 2022, the HCC unanimously approved the concentration notified on 21.01.2022, pursuant to article 8(3) of L. 3959/2011, considering that, although it falls within the scope of article 6(1) of L. 3959/2011, it does not raise any serious doubts as to its compatibility with competition rules in the individual markets concerned.

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