Decision CPC 61_2021

ΚΥΠΡΙΑΚΗ ΔΗΜΟΚΡΑΤΙΑ Decision CPC: 61/2021 Case Number: 08.05.001.021.050 THE CONTROL OF CONCENTRATIONS BETWEEN ENTERPRISES LAW No. 83(Ι)/2014 Notification of a concentration concerning the acquisition of the share capital of M.C.P. Performance Plastic Ltd, by Faerch A/S Commission for the Protection of Competition: Mrs. Loukia Christodoulou, Chairperson Mr. Panayiotis Ousta Member Mr. Aristos Aristeidou Palouzas Member Mr. Andreas Karydis Member Mr. Polynikis-Panagiotis Charalambides Member Date of Decision: 13th of September 2021 SUMMARY OF THE DECISION On 24/08/2021, the Commission for the Protection of Competition (hereinafter the “Commission”) received on behalf of Faerch A/S (hereinafter “Faerch”) a notification of a proposed concentration. The notification was filed according to Section 10 of the Control of Concentrations between Enterprises Law 83(I)/14 (hereinafter the “Law”). The notification concerns a concentration, according to which, Faerch will acquire the 100% share capital of M.C.P. Performance Plastic Ltd (hereinafter the “Target”). The parties involved in the concentration are the following:  Faerch is a limited liability company, duly registered in accordance with the laws of Denmark. It is a supplier of sustainable protective packaging solutions for the food industry. Its product portfolio covers four business divisions of 1 packaging solutions, namely ready meals, fresh meat, food-to-go and dairy. Its clients are food producers, retailers and food services providers in Europe and worldwide. It is wholly subsidiary of APMH Invest XIII ApS, which is fully controlled by APMH Invest A/S (hereinafter “APMHI”). APMHI is a wholly subsidiary of A.P. Møller Holding A/S (hereinafter “APMH”). APMH belongs to the Danish Foundation A.P. Møller og Hustru Chastine McKinney Møllers Fond til almene Formaal (hereinafter “A.P. Moller Foundation”). A.P. Moller Foundation is an industrial foundation, which has, inter alia, charity aims. It has not ultimate beneficiaries and is controlled by a Board of Commissioners. APMH is the shareholder that controls the listed company A.P. Møller-Mærsk A/S (hereinafter “APMM”). APMM is an integrated transport and supply company. Its main activities are the regular container shipping, container terminal services, inland transport, inland services, supply chain management services, port towing and container-refrigerated construction.  Η M.C.P. Performance Plastic Ltd is a private limited liability company, duly registered in accordance with the laws of Israel. (hereinafter “MCP”). MCP USA, Inc. is a duly registered company in accordance with the laws of the USA (hereinafter “MCP USA”) and is wholly subsidiary of MCP (hereinafter MCP together with MCP USA, the “Target”). The Target is active in the production of high-quality thermoplastic packaging solutions for the food industry and retail, serving food producers, brand owners and retailers in the US, Middle East and Europe. Its product portfolio covers the following packaging solutions: i) ready meals ii) fresh meat iii) frozen food iv) airlines v) bakeries. The Target offers a wide range of CPET (polyethylene crystalline terephthalate), APET (Amorphous Polyethylene Terephthalate) and PP (Polypropylene) discs. The concentration is based on a Share Purchase Agreement dated 16/07/2021 (hereinafter “Agreement”) between Plazit Industries A.C.S. Ltd. and Holdings and 2 Development Ha’maapil A.C.S. Ltd (the Sellers) and Faerch A/S (the Buyer). Based on this Agreement, Faerch will acquire the 100% share capital of the Target. The Commission, taking into account the facts of the concentration, has concluded that this transaction constitutes a concentration within the meaning of section 6