The acquisition of exclusive control by Piraeus Bank over MIG has been put under the microscope of the Competition Commission in order to determine whether the merger notification was submitted out of time. 

THE ANNOUNCEMENT IN FULL

In particular, the Competition Commission (CC) announced today that it will meet on July 17, 2024, to examine, following the relevant report of the competent rapporteur, whether the conditions for the application of Article 6 para. 4, in conjunction with Articles 6(4), 6(4), and 6(4), are applicable.  1, and Article 38(1), and Article 38(1), in conjunction with Article 6(2), (3), (4) and (5), (5) and (5). 3 of Law No. 3959/2011 regarding the acquisition of sole control by PIRAEUS BANK SA over MIG S.A. According to the submission, it is proposed to establish the late notification and premature implementation of the concentration, concerning the acquisition of sole control by 'PIRAEUS BANK SA' over 'MIG S.A. S.A.' (which acquisition was approved by the EA by its Decision No. 815/2023), in violation of Articles 6 par. 1 and 9(1). 1 of Law 3959/2011.

It is also proposed to impose a fine on Piraeus Bank, as the company subject to notification, in accordance with the provisions of Article 6 par. 4 and Article 9(4) and Article 9(4). 1 of Law 3959/2011, and finally, the provision of inaccurate, incomplete, or misleading information is not established.

It is reminded that the recommendation is not binding for the RA, which will decide taking into account the data of the evidentiary procedure, the views of Piraeus Bank, and the views of any third parties.