GREECE: HCMC imposes fines for Greece takeovers breaches

Monday June 2 2014

The Hellenic Capital Market Commission has announced that it has fined Belgian company «Viohalco SA» €230,000 for Greece takeovers breaches. The fine has been imposed because, following the completion of the merger by absorption of ” VIOHALCO SA “, although the shareholding of the company exceeded one third of the voting rights of the listed companies “SIDENOR SA”,”ELVAL SA”,”HALKOR SA”, “CORINTH PIPEWORKS SA”,”ETEM SA”,”SIDMA SA STEEL PRODUCTS” and “GREEK CABLES SA”, the company failed to make mandatory public offers to minority shareholders of all of these companies for all shares, in violation of Article 7 §1 of Law 3461/2006.

In addition, it has also fined Emmanuel Karamolegos €30,000, shareholder of the company “BREAD KARAMOLEGKOS SA”, because although his shareholding exceeded one third of the voting rights in that company through pledge of voting rights, he failed to launch a mandatory bid, in violation of Article 7 §1 of Law 3461/2006.