It will take up to three months for a decision to be made. Competition Commission for approval or not her salvation Coastal shipping company ANEK by absorption from Attica Group. On Thursday, the Commission decided to initiate a “procedure for the full investigation of the notified concentration,” which, according to a related statement, means its decision on the matter “will be rendered within ninety days.”

In addition, the reasoning of the Commission, on the basis of which it initiated the relevant procedure, on the one hand, foreshadows the introduction of conditions that may include changes in the activities of the new consolidated company, and on the other hand, reveals, according to market interpretations, the objections that were raised against the rescue of ANEK by the Attica group from competing companies leading Seajets and secondarily other small companies and perhaps even larger ones such as Minoaki, perhaps in the case of lines from Chania.

In particular, the Communication of the Competition Commission states that “based on a preliminary assessment of the concentration, the Competition Commission considers that the declared concentration raises serious doubts about its compatibility with the requirements for the functioning of competition in individual markets.” . It states that “the new company will gain a significant share of the passenger, road and freight transport market affected by the concentration” and adds that there may be “possible distortions in the market for maritime transport services.”

The development raises concerns about whether ANEK can wait for those three months plus any additional months needed to complete the deal if the takeover is approved. And this is because ANEC in 2022 recorded a further significant deterioration in its financial position compared to the figures on which Attica entered into an agreement with creditors and ANEC. However, according to the Chartered Accountants signing the liner’s 2022 annual financial report, pursuing a bailout deal from Attica Group and pursuing a deal with banks and other creditors to significantly write off its debt appears to be a one-way street for ensuring its stability.