The companies PHILIP MORRIS HOLLAND B.V and PAPASTRATOS CIGARETTES MANUFACTURING S.A notified the Service of the Commission for the Protection of Competition of an acquisition agreement, whereby PHILIP MORRIS HOLLAND B.V would acquire shares and control of the company PAPASTRATOS CIGARETTES MANUFACTURING S.A.
PHILIP MORRIS HOLLAND B.B is active in field of production and sales of cigarettes worldwide, including sales of cigarettes in the Cypriot market. PAPASTRATOS CIGARETTES MANUFACTURING S.A is active in the filed of production and disposal of tax and/or tax-free cigarettes in various countries, included Cyprus.
Following the preliminary evaluation of the information contained in the notification form as filed by the companies, according to Schedule III of Law 22(I)/99, the Service of the CPC prepared a written report to the Commission, whereby it included its reasoned opinion.
The Commission, after examining all the necessary information, it ascertain that the notified concentration does not raise any serious doubts as to its compatibility with the competitive market, and thus declared it as being compatible with the competitive market.