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Results: 4 Answers
Merger Control
3.
Notification
3.1
Is notification voluntary or mandatory? If mandatory, are there any exceptions where notification is not required?
 
Cyprus
The notification of concentrations of major importance to the Commission for the Protection of Competition (CPC) is mandatory.

The transactions listed under question 2.7 above need not be notified, as they are not considered concentrations for the purposes of the Control of Concentrations Between Undertakings Law.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.2
Is there an opportunity or requirement to discuss a planned transaction with the authority, informally and in confidence, in advance of formal notification?
 
Cyprus
The Control of Concentrations Between Undertakings Law does not provide for any pre-notification discussions; nor are any such discussions binding on the CPC. It is generally not typical to engage in such discussions with the CPC.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.3
Who is responsible for filing the notification?
 
Cyprus
Concentrations of major importance must be notified to the CPC in writing, either jointly or separately, by the undertakings concerned in a merger, the joint acquisition of control of another undertaking or the establishment of a joint venture.

In all other cases, the party responsible for notification is the undertaking acquiring control.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.4
Are there any filing fees, and if so, what are they?
 
Cyprus
Filing fees are fixed by the Control of Concentrations Between Undertakings Law at €1,000. Where a concentration becomes subject to a full investigation (Phase II), the undertakings concerned are bound to pay a fee of €6,000 to the CPC.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.5
What information must be provided in the notification? What supporting documents must be provided?
 
Cyprus
The notification of a concentration should include all information prescribed in Appendix III to the Control of Concentrations Between Undertakings Law and must be made in Greek.

The notification must be accompanied by various supporting documents and other information which may be in Greek or English, including but not limited to the following:

  • a copy of all final or most recent documents that brought about the concentration, either by agreement or following a public bid;
  • in the case of a public bid, a copy of the public bid document;
  • copies of the most recent annual reports and audited financial statements of all undertakings concerned;
  • copies of reports or analyses prepared for the purposes of the concentration;
  • a list and short description of the contents of all analyses, reports, studies and surveys that were prepared by or for any of persons responsible for notification for the purpose of evaluating or analysing the proposed concentration in relation to the market and competition conditions;
  • details of the concentration (including the nature and scope of the concentration, the financial and structural details of the concentration, and details regarding the turnover in Cyprus and worldwide of each undertaking);
  • details of relationships of ownership and control as between each participant in the concentration and the undertakings connected with it;
  • personal and economic ties as between each group of undertakings and any other undertaking operating within the affected market in which such group holds, among other things, at least 10% of the voting rights or shares;
  • a description and analysis of the relevant markets; and
  • a description and analysis of the affected relevant markets.
For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.6
Is there a deadline for filing the notification?
 
Cyprus
Although there is no express deadline for filing the notification, the transaction giving rise to the concentration must be notified and cleared by the CPC prior to its implementation.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.7
Can a transaction be notified prior to signing a definitive agreement?
 
Cyprus
While the Control of Concentrations Between Undertakings Law provides that a concentration occurs following the conclusion of the relevant agreement(s), publication of public offer or acquisition of control (as the case may be), notification may still take place when the undertakings concerned can demonstrate to the CPC their bona fide intention to conclude an agreement.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.8
Are the parties required to delay closing of the transaction until clearance is granted?
 
Cyprus
The Control of Concentrations Between Undertakings Law expressly prohibits the partial or full implementation of the concentration prior to clearance by the CPC. As such, the parties are required to withhold closing until clearance is granted.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC
3.9
Will the notification be publicly announced by the authority? If so, how will commercially sensitive information be protected?
 
Cyprus
A notice that the CPC has received a notification is published soon after filing, which sets out the date of the filing, the names of the undertakings concerned, the nature of the act of concentration and the relevant economic sectors.

The CPC publishes non-confidential versions of its decisions in the Official Gazette of the Republic of Cyprus and on its website. The undertakings concerned may request that any part of the decision which contains confidential information or trade secrets remain confidential and be redacted from the final version published by the CPC.

The CPC and the CPC civil service are under a statutory duty of confidentiality, infringement of which is a criminal offence punishable with imprisonment of up to six months or a fine of up to €1,500 or both.

For more information about this answer please contact: Anastasios Antoniou from Antoniou McCollum & Co. LLC