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Cyprus

Competition

The Supreme Court recently ruled on the applicable criteria for granting an interim order to supply, as issued by the Commission for the Protection of Competition under the law. The case concerned alleged abuse of dominance by the Pancyprian Organisation of Cattle Farmers, a group of cow's milk producers from across Cyprus, in relation to the wholesale distribution of fresh cow's milk in the country.

During the past two years the Cyprus Commission for the Protection of Competition has been active in the control of both competition and concentrations specifically, yielding an impressive number of reasoned decisions. All acquirers must file a notification of concentration with the commission in the event that certain conditions are met. A number of such notifications have set a precedent.

The Cyprus Commission for the Protection of Competition has issued directions on interim measures pursuant to an application by two local milk and dairy product producers. Pending final determination of the complaint, the Cattle Breeders' Organization must supply the dairies with a specific quantity of fresh milk for their production needs.

Corporate Finance/M&A

Overview
Including: Market and regulation; Pre-bid; Announcing and making the offer; Consideration; Post-bid; Target's response; Tax; Other regulatory restrictions; Reform.

Last year was a busy year for M&A professionals. Despite the relatively small and new stock exchange, 30 public offers were filed under the provisions of the new Law on Public Takeovers. In addition, the hidden value of investment companies led to counter offers and revised offers.

Cyprus has enacted Law 41(1)/2007 to incorporate the EU Takeover Directive into national law. One major amendment made by the law is that partial public offers are allowed only if permission is granted by the Cyprus Securities and Exchange Commission, which supervises and controls the Cyprus stock exchange.