MERGER CONTROLΣΥΓΧΩΝΕΥΣΕΙΣ

Cyprus merger control is exclusively regulated under the Control of Concentrations of Undertakings Law 22(I)/1999, as amended. The jurisdictional thresholds that give rise to the requirement to notify a concentration to the Cypriot competition authority Cyprus are that:

• at least two of the concentrating undertakings have a total turnover of at least €3.4 million each; and
• at least €3.4 million out of the aggregate turnover of all the participating undertakings relates to the disposal of goods or the supply of services within Cyprus; and
• at least one of the concentrating undertakings is engaged in commercial activities in Cyprus

Being ranked as a Leading Cyprus Law Firm and acclaimed for our ‘extensive expertise‘ and ‘solid reputation‘ by the Legal 500 and other legal rankings and eminent directories, we regularly render our legal services to a number of multinational companies that engage in concentrations that need to be notified to the Cyprus Commission for the Protection of Competition. Our Firm renders its legal services towards:

• Advising on whether a merger, acquisition or joint venture must be notified to the Cyprus competition authority and/or the European Commission;
• Preparing, drafting and submitting Notifications of Concentrations relating to mergers, acquisitions and joint ventures to the Cyprus competition authority and/or the European Commission;
• Advising on the Cyprus law aspects of regional and/or international mergers, acquisitions and joint ventures and formulating legal strategies that pursue and achieve clearance of concentrations;
• Handling the full process of interacting with the competent authorities, dealing with their requests and securing clearance of a concentration;
• Advising on Phase II investigations and handling the full process of interaction with the Cyprus competition authority in that regard;
• Conducting hearings before the Cyprus competition authority with respect to merger notifications.

We maintain an ever expanding merger control practice that strives to achieve full and prompt clearance of concentrations carried out by our clients, which include Glencore, Western Union, Henkel, the Czech Republic, Marathon Oil, PwC, Tiande, Travelex, KPMG, Salvatore Ferragamo and other multinational corporations and governments.  Mergers and joint ventures may raise substantial competition issues and concerns particularly if they result in the obtaining or strengthening of a position of market power. The duty of competition authorities is to identify and prevent those mergers that have such an adverse consequence upon competition or society that any benefits resulting from them are outweighed or should be ignored. Thus, although mergers have important advantages, the key to effective merger control is to identify why and when a merger should be prohibited.

Contact us at competition@antoniou.com.cy to discuss the competition law issues of your organization’s restructuring or browse through our publications on competition and antitrust.The objective of merger control is to enable the competition authorities to administer changes in market structure by deciding whether two or more commercial companies may merge, combine, or join their businesses. Mergers may create a noticeable change in the market and raise serious competition concerns. They can result in the obtaining or strengthening of a position of market power and thus in an increase in the market price of the products or services concerned.

The duty of competition authorities is to identify and prevent those mergers that have such an adverse consequence upon competition or society that any benefits resulting from them are outweighed or should be ignored. Thus, although mergers have important advantages, the key to effective merger control is to identify why and when a merger should be prohibited.

Our Firm renders its legal services towards:

• Notifying mergers, acquisitions and takeovers to the competent authorities;
• Advising as to the best strategy for carrying out a concentration;
• Handling the full process of notifying, responding to authorities, dealing with requests and securing clearance of a concentration.

Read our Information Paper on Competition Law or browse through our publications on competition and antitrust.

Contact us at competition@antoniou.com.cy to discuss the competition law issues of your organization’s restructuring.