Concluding an M&A deal in Greece requires submitting an application for a merger. An application is submitted within thirty business days after an M&A agreement is concluded, an announcement is made or a controlling stake is acquired.
Failure to report an M&A transaction in Greece entails a fine of up to thirty thousand euros or ten percent of an applicant’s total turnover.
Concluding an M&A agreement in Greece requires notifying all companies participating in a deal. Acquiring sole control of a Greek company requires an acquirer to submit an application. Notifying all participating companies is mandatory if joint control is acquired.
A transaction may be approved:
- within a month after a notice of an M&A deal in Greece (Stage I);
- after a thorough investigation within 2 months since the commencement of Stage II;
- prior to expiration of a 2-month period since the commencement of Stage II.
A transaction may be prohibited within 2 months since the commencement of Stage II.
Greece: Public M&A Transactions
When it comes to a public bid or purchase of a controlling stake on a stock exchange, a transaction may be permitted if:
- it’s been duly reported to the regulator;
- a buyer didn’t exercise their voting rights with regard to purchased securities (or performed such an action only to ensure their investment’s full value).
M&A in Greece: Documentation
After a notifying party has made sure that an M&A deal raises no doubts, they must submit a special application form & summary application. The latter can be used to notify M&A transactions if one of the below criteria is satisfied:
- none of the participants trades in the identical commodity or is involved in commercial activities in the identical markets;
- none of the participants is involved in commercial activities in the identical market; however a combined market share of the participants mustn’t exceed fifteen percent;
- participants must establish sole control of a company over which joint control is already established.
A notification may be required if it’s been found that criteria for the use of summary application haven’t been satisfied or if more documentation is necessary for conducting an investigation into possible competition issues.
Conducting an M&A transaction in Greece requires getting permission from regulatory authorities. A notification is to be submitted in quadruplicate & rendered into the Greek language. All supporting documents must be attached to the notification & emailed to the regulator. If they’re written in English, translation into Greek isn’t required (an exception is made for an M&A agreement).
Considering concluding an M&A deal in Greece? Need advice on M&A regulation in Greece? Why not contact IQ Decision UK?