CPC may reopen cement merger file again, Cyprus

CPC may reopen cement merger file again, Cyprus
Published: 24 October 2007

The Commission for Protection of Competition (CPC) may decide to reopen the cement merger deal between Vassiliko Cement (VCW) and Cyprus Cement (CCC) according to the new Chairman of the Commission Panayotis Kallis.

Testifying before the House Commerce Committee, Kallis told deputies that “all the previous decisions are under scrutiny” indicating that old files may be reopened, according to stockwatch.

Kallis revealed that the CPC is currently investigating 145 cases and he promised that once the decisions are made, the relevant announcements will be made quickly.

The Vassiliko Cement and Cyprus Cement merger was one of the last decisions reached by the CPC under its previous Chairman who resigned his position. A number of deputies have questioned the wisdom and logic allowing the creation of monopolistic situations to be created at a time when all efforts are underway to deregulate and liberalise markets to encourage competition.