By its unanimous Decision No. 801/2022, the Hellenic Competition Commission (HCC) approved, under Greek merger control rules, the proposed acquisition of sole control by "MOTOR OIL SA" over "ELIN VERD SA", in the Greek biodiesel sector, according to article 6 par. 1 to 3 of law 3959/2011, in the Greek biodiesel sector.

The relevant markets for the merger in question are (nationwide): the downstream market for the collection and processing of used oils or fats for the production of pure biodiesel in which the acquired company ELIN VERD is active through its subsidiary company PRASINO LADI, the subsequent market for the production and distribution of pure biodiesel (B100) where the acquired company ELIN VERD is active in this market, which disposes of the actual biodiesel it produces in its facilities in Greece, both to the refineries (ELPE and MOTOR OIL) and to companies with a license to trade category A petroleum products, to make it available on the market after mixing it at a rate of 7% by volume with the conventional diesel and finally the relevant upstream market for the production and distribution of blended diesel (B7) in which the acquirer MOTOR OIL group operates.

According to the Decision, the merger in question does not lead to the foreclosure of competitors and does not change the nature of competition so that the undertakings active in the upstream and downstream markets may significantly reduce competition and raise prices. In the upstream market for the production and supply of biodiesel (B100), after the completion of the transaction, competitors of the new entity will be active, each using different raw materials from the acquired company ELIN VERD, therefore coordination is not possible. While, similarly in the downstream market for the production and distribution of blended diesel (B7) many companies will be active with alternative sources of supply of pure biodiesel (B100), such as group HELLENIC PETROLEUM, which due to the percentage it holds both in refining as well as in the production and distribution of blended diesel (B7) market, has bargaining power vis-à-vis its suppliers and therefore the market structure will not change.

Therefore, the HCC approved, according to article 8 par. 3 of law 3959/2011, the notified merger concerning the change of control, given that, this merger, despite falling within its scope of paragraph 1 of article 6 of law 3959/2011, does not cause serious doubts, as to its compatibility with the requirements of competition in the related markets.