December 7^th, 2012

Supermarket retail

Merger

Phase I (Article 8 par. 3 of  L. 3959/2011)

Clearance 

MARINOPOULOS GENERAL TRADING Co. S.A.

ΟΚ ANYTIME MARKET S.A.

On September 25, 2012, a notification was submitted to the Directorate-General for Competition, in accordance with article 6 par. 1 of Law 3959/2011, concerning the increase from 34% to 51% of the participation of the company "MARINOPOULOS GENERAL TRADING Co. S.A." (hereinafter "MARINOPOULOS") in the share capital of the company "ΟΚ ANYTIME MARKET S.A."( hereinafter "OK ANYTIME MARKET"). Prior to the announced merger, the control over the company "OK ANYTIME MARKET" was exercised exclusively by the Xinou family. According to the preamble of the relevant agreement, the parties wish and have mutually decided to increase the share capital of "OK ANYTIME MARKET".

MARINOPOULOS is mainly active in the retail sale of foodstuffs and other consumer goods through supermarkets, hyper markets and grocery stores under the Carrefour brand, while it also controls or participates in other companies that do not use this brand. The company "OK ANYTIME MARKET" is active in the retail market for foodstuffs and daily consumer goods (supermarket goods) through small local outlets with extended opening hours. The retail stores of this company fall under the category of grocery stores and dairy stores, under the brand "OK! ANYTIME MARKETS”.

The relevant markets in this case were defined as follows: a) the retailing of supermarket goods and b) the sub-market of retailing foodstuffs and daily consumer goods.

The concentration under examination is not expected to create significant impediments to effective competition in the above markets, since the additional market share of the acquiring firm is practically zero, actual and potential competition exists (both from local companies and large chains) and is significant (existence of competitive pressures from the activity of other competitors in the individual markets concerned - with the exception in few small local markets - and existence of close substitution between the products of the participating companies and their competitors), while no legal or actual barriers to market entry exist, and in fact it is clear that suppliers and consumers have alternative options.

Therefore, the proposed transaction is not expected to bring any material change in the competitive conditions prevailing in the market concerned. On these grounds, the Hellenic Competition Commission approved the notified concentration, in Plenary, concluding that it does not raise serious doubts as to its compatibility with competition rules in the relevant markets concerned.