Competition Authority Clears Three-To-Two Concentration In Sugar Market

In February 2013 the Competition Authority cleared the takeover of Hellenic Sugar Industry SA by Sunoko doo, subject to structural and behavioural measures. Hellenic Sugar is the only producer of sugar in Greece which also owns two sugar production plants in Serbia. Sunoko, on the other hand, is a producer of sugar in Serbia, part of MK Group, a vertically integrated producer of agricultural products and also has various other activities related to agricultural production. The authority prohibited the takeover at first, but clearance was issued on a second attempt.

Prior to the takeover, sugar production in Serbia was carried out by three undertakings - Hellenic Sugar, Sunoko and SFIR (Italy) - with Hellenic Sugar and Sunoko being the largest producers with a joint market share of almost 80%. Hellenic Sugar was under liquidation prior to the takeover and offered its shares (82.33%) - held by the Agricultural Bank of Greece SA - for sale for the second time via an