The chocolate products market, in general, the relevant sub-markets, the cocoa powder market, while there are no affected markets in this concentration

1. BESPOKE SGA HOLDINGS S.A.

2. ION SOCIETE ANONYME INDUSTRY AND TRADE OF COCOA AND CHOCOLATE

3. I. KOTSIOPOULOS BROS S.A.

According to the Decision, this concentration does not have a horizontal or vertical dimension in any relevant market, as the acquiring company and the target companies do not have a pre-existing competitive relationship with each other, neither as direct competitors nor as (potential) customers or suppliers, nor in the markets in which the acquiring companies operate, namely the chocolate products sector. Therefore, there are no affected markets, and the proposed concentration cannot bring any change in the market shares in the relevant markets concerned, the market structure and, thus, in the market structure.

In addition, no conglomerate effects are expected (concerning the heterogeneous activities of the participating companies), as the parties are not active (directly or indirectly) or in closely related adjacent markets (such as markets with complementary products or products purchased from the same consumer group for the same end use). 
Specifically, regarding any connection between the confectionery market and the chocolate products market, the possibility of the new entity to exclude potential competitorsin the confectionery market, through the implementation of group or combined sales practices by BESPOKE taking into account the shares of ION in the individuals markets concerned, as well as the position and shares of their competitors.