Competition Commission to discuss ANEK-Attica Group merger on July 12

The Competition Commission is to convene on Wednesday, July 12, to discuss the absorption of ANEK Lines by Attica Group. Its recommendation, which is not binding, is to give an initial green light for the merger. Replying to a question from the Athens-Macedonian News Agency (ANA), a Seajets executive said that no decision has been made by the three member-companies that put in a bid to buy ANEK shares on the stock market, adding that Seajets is waiting a more general, comprehensive deal on the issue and will not make any further comment ahead of the Competition Commission’s meeting.

The Commission had said the merger was permissible if one of the companies participating is problematic and would otherwise be forced to pull out of the market in the near future unless it is bought out by another company. Another condition is that there is no alternative buyout offer that is less harmful for competition and if the problematic business will inevitably be forced to end its activities in the market unless the concentration takes place. A recent announcement by ANEK concerning the buyout proposal submitted on June 14 by Sea Jets, Kiara Naval Company and Goldenstep Shipping Limited to its creditors and shareholders said this was turned down by Piraeus Bank (in its capacity as representative of the Bond-holding Creditors) as inferior to the deal with Attica Group already underway and as having a greater execution risk.