The Hellenic Competition Commission approved, pursuant to Art. 8  paras. 6) and 8) of the Greek Competition Act 3959/2011, the proposed transaction notified on 15/05/2018, which concerns the acquisition of sole control by "DIAMANTIS MASOUTIS SA" over the company "PROMITHEFTIKI SA". The approval was made under conditions (corrective measures), pursuant to article 8 par. 4 and par. 8 of the Greek law 3959/2011, on the basis of commitment which "DIAMANTIS MASOUTIS SA" undertook the obligation to sell one of the PROMITHEFTIKI’s stores located in the mainland of the island of Andros.

The proposed transaction was initiated due to serious doubts arising as to its compatibility with the requirements of the competition, in particular as regards the establishment or strengthening of a dominant position in the supermarket retail sector in the individual local market of Andros. The Competition Commission, in order to thoroughly control the conditions of competition on the part of the consumer at the local level, examined the local markets in the prefecture of Attica and the island of Andros in which the parties of the transaction have a common presence, and which were limited to 10 minutes (30 minutes for semi-rural and rural areas) by car from the target store.

In assessing the impact of the acquisition on the local market, it was concluded that the transaction raises concerns concerning the creation or strengthening of a dominant position, given in particular the new entity's very high share of that local market, while residual competitive pressures will not be strong enough to effectively compete with the new entity that will emerge from the current concentration.

The sale of the above-mentioned store ensures the competitive structures of the market, therefore the transaction would not give rise to competitive concerns. In the Commission's view, the above-mentioned corrective measure is sufficient, appropriate and proportionate to ensure effective competition in the relevant market.