EEP Legal Law Firm Announces: EU Corporate Coup: Covert Takeover Creates Dutch Monopoly of Leading Greek Corporations
Netherlands-owned Reggeborgh, has assumed control of 95% of Greek tolls by monopolising multiple Greek markets and defying EU competition regulations. Reggeborgh has acquired minority shares in Gek Terna Group and Ellaktor Group, Greece’s two leading business groups in the Construction, Renewable Energy, and Concessions (Handling, Maintenance and Operation of Toll Motorways). By controlling these companies, Reggeborgh stands to benefit from 32 billion euros of Covid-19 emergency relief funding which is being redirected into the country’s infrastructure, renewables, and construction.
In response, Ellaktor minority shareholder Mr. Michail Koulas has filed a complaint with the European Commission Directorate-General for Competition. According to the Complaint, dated 31.12.2020, Reggeborgh - parent company of Dutch Construction/Real Estate Market Leader VolkerWessels - follows a strategy of monopolization of Greek Construction, Renewable Energy Sources, and the Concession markets. Reggeborgh acquired the majority shares in Gek Terna (31% since March 2019) and Ellaktor (27% since December 2020). Considering low participation levels in both companies' General Assemblies REGGEBORGH now controls their decision making and management. Reggeborgh now has control of more than 95% of the Concessions market (Handling, Maintenance and Operation of Toll Motorways).
Mr. Koulas’s complaint details Reggeborgh's anti-competitive practice of abusing its market dominance to extinguish competition in breach of European Union competition law. Reggeborgh has illegally created a dominant and super-dominant position in segments and subsegments (Markets and Submarkets) crucial for consumer wellbeing and distorts competition in the Greek Geographical Market more widely.
According to Mr Koulas, his intent is:
“To ensure that the concentration at hand is duly examined by the competent competition authorities. Minority shareholders find themselves trapped in a Shareholder Pattern that has not been cleared by competent authorities. Competition and antitrust laws have to be enforced since they are designed to ensure that dominant companies – like the Dutch behemoth REGGEBORGH – are not allowed to foreclose competition illegally. We’re asking the EU to be a neutral party that will examine the facts and enforce the law.”
Ioannis Papanastasopoulos (Attorney at Law, Managing Partner of EEP Legal) said:
"The case has been referred to the Competent Authorities i.e. Directorate General Competition and we expect its immediate action and scrutiny. The subject under examination is rather sensitive, since 32 billion euros of emergency/relief fund for Covid 19 for Greece will be channeled to Greek infrastructure renewables and construction markets.”
Emmanouil Margomenos (Attorney at Law) senior legal counsel for the team instructed to file the complaint said:
“There are obvious implications involved to the GEK TERNA / ELLAKTOR acquisition and concentration to a single undertaking. Those two market leaders becoming one entity under single control of REGGEBORGH results in REGGEBORGH controlling every single kilometre of toll motorway in Greece.”
The European Commission is already reviewing the complaint and will decide whether to open a formal investigation into Reggeborgh ’s anti-competitive practices.
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