05/09/2008 15:25
The Commission for the Protection of Competition declared the concentration of Vasiliko Cements Public Company Ltd and The Cyprus Cement Public Company Ltd as compatible with the requirements of the competitive market subject to certain terms and commitments undertaken by both companies.
According to an announcement released today, the CPC re-examined the concentration of Vasiliko and CCC after the Supreme Court’s decision dated May 6, which cancelled the Commission’s decision on July 27, 2007.
After ascertaining that the concentration causes serious doubts as to its compatibility with the competitive market, the Commission decided to investigate fully the issue.
The Commission took into account all information that comprise the administrative file of the case as well as the report on the findings of the service and proceeded with all necessary negotiations, hearings and meetings with certain businesses and third parties. Finally, it ended up with the decision to approve the concentration and declare it as compatible with the requirements of the competitive market subject to certain terms and commitments undertaken by both companies. A possible violation of the terms or in case of misleading information, the decision will be cancelled.
In order to take the decision, the CPC took into account the anticipated development and safeguard of the effective competition in the sector that the two companies are actively involved in, as well as the positive impacts on the consumers (prices, protection and environment). The companies also committed not to increase cement prices until 2010 and to treat equally all having to do with the service, the prices and the quality.
The commitments also include the renunciation of the only permit for the operation of the terminal for storage, delivery and distribution of cement held by CCC.
According to an announcement released today, the CPC re-examined the concentration of Vasiliko and CCC after the Supreme Court’s decision dated May 6, which cancelled the Commission’s decision on July 27, 2007.
After ascertaining that the concentration causes serious doubts as to its compatibility with the competitive market, the Commission decided to investigate fully the issue.
The Commission took into account all information that comprise the administrative file of the case as well as the report on the findings of the service and proceeded with all necessary negotiations, hearings and meetings with certain businesses and third parties. Finally, it ended up with the decision to approve the concentration and declare it as compatible with the requirements of the competitive market subject to certain terms and commitments undertaken by both companies. A possible violation of the terms or in case of misleading information, the decision will be cancelled.
In order to take the decision, the CPC took into account the anticipated development and safeguard of the effective competition in the sector that the two companies are actively involved in, as well as the positive impacts on the consumers (prices, protection and environment). The companies also committed not to increase cement prices until 2010 and to treat equally all having to do with the service, the prices and the quality.
The commitments also include the renunciation of the only permit for the operation of the terminal for storage, delivery and distribution of cement held by CCC.
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