Greek Competition Commission: “Green light” for the Delta – Gatenio deal

The Competition Commission approved the acquisition of exclusive control by the company Delta over the company “Daniel S. Gatenio & Son Societe Anonyme Import and Export Company, food and beverages”.

In particular, according to a relevant information from the independent Authority, at a meeting of the Plenary Session of the Competition Commission on 15 February 2022 (Decision 769/2022), it the approval of the notified concentration concerning the acquisition of sole control by the company “DELTA Societe Anonyme Industrial and Commercial Food Company Sole Proprietors SA”, a subsidiary of VIVARTIA HOLDINGS SA and indirectly controlled by the investment fund CVC, on the company under the name “Daniel S. Gatenikos & Son Anonymous Company, food and beverages “according to article 8 par. 3 of L.3959 / 11, as in force was decided, unanimously.

According to the Commission, this concentration does not present a significant horizontal dimension in the wider dairy sector, as the participating companies DELTA (and / or DODONI which belongs to the investment capital CVC) and GATENIO either do not operate in the same market or, although there is a horizontal overlap (soft cheeses, semi-hard cheeses in retail, etc.), their combined shares in the relevant markets fall short of the prescribed limits.

It also stated that the present concentration has mainly a vertical dimension as the company GATENIO is mainly active in the relevant dairy markets with raw materials (imports of cream, condensed milk, etc.), which are used or can be used as inputs in relevant markets, for the production of final dairy products (yogurts, yogurt desserts, milk drinks, butter, etc.), in which the company DELTA (and / or DODONI, which belongs to the investment capital CVC) operates, with raw material mainly raw Greek milk.

However, the marketing of the dairy products covered by the markets in question, the compensatory power of the customers and competitors of the merging companies and the total data collected for each affected market, suggest that the The merger will not bring about changes in the structure of the relevant markets and the exclusion of competitors, DELTA or DODONI, from market access and customers can not be caused.

Therefore, the Competition Commission, in Plenary, unanimously approved according to article 8 par. 3 of law 3959/2011, the notified concentration that concerns the change of control, given that this concentration, despite falling within its scope paragraph 1 of Article 6 of Law 3959/2011, does not cause serious doubts, as to its compatibility with the operating requirements of the competition in the individual markets to which it relates. “