2011.

, 2012.


1. .......................................................................... 3
2. ................................................................................. 5
3. ........................................... 8
3.1. .................................................................................................... 8
3.2. .................................................................................................... 8
3.3. ............................................................................................................. 10
4. ......................................................................................................... 12
4.1. ......................................................................................................... 13
4.1.1. ........................................................................................... 13
4.1.2. ................................................................ 14
4.2. ...................................................................... 18
4.2.1. ................................................................ 18
4.2.2. ........................................................................................... 21
4.3. ...................................................................................... 22
4.3.1. ................................................................ 22
4.3.2. ........................................................................................... 23
4.4. .............................................................................. 24
4.4.1. ................................................................ 25
4.4.2. ........................................................................................... 27
4.5. ..................... 28
5. ............................................................................................ 31
5.1. .................................................................. 32
5.2. ................................................ 43
5.3. ................................................................................... 45
5.3.1. .......................................................................... 45
5.3.2. ........................... 47
5.4. ........................................................................................................ 47
6. .................................................................................................. 48
7. .......................................................................................................... 50
7.1. .................................................................................................................................... 50
7.2. a ............................... 51
7.3. ....................................................... 56
1

7.3.1. .................................................. 56
7.3.2. ..................................... 60
7.3.3. ...................................................................... 61
7.4. 157. ............................................................................ 63
8. ................................................................................................................ 67
9. .......... 70
9.1. ................................ 70
10. ................................................................................. 71
11. ................................................................................................... 72
11.1.

.................................................................................... 72

11.2.

....................................................................................................................... 74

11.3.

................................................... 75

11.4.

.......................................................... 77

11.5.

................................................................... 78

12. ....................................................................................................................................... 79

1.
( : ) , 2011. ,
,
, .
( , oj 51/09,
: ) 01.11.2009. . 74. ,

, (
, oj 79/05) .
,
( , . 33/97 31/01),
( 34. ).
,
, :
( , oj
89/09), (
, oj 89/09),
(
, oj 11/2010),

( , oj 11/2010),

( , oj 11/2010),
,
( , oj
50/2010)
( , oj 50/2010).
31. ,

, , .
49/2011.
73.
() ( 38.
), ,
,
,
,
, , (European Court of Justice)
o (General Court).
-,
, 21. 1. 5.
, .
, ,
, .
3



, ,
19.05.2011. .

,
. ,
,
,
,
. ,

,
.

2.
,
,
, , , .
,
.

10%
.
.
1.872.190.859,00 (:
),
310,074,025.00 .
,
, ,
,
. (
) ,
,
. , ,
(), .
, ,
.
, ,
, ,
, ,
,
. , ( ),
, .

,
, ,
57. 5. ,
,
, ,
.

, ,
70.
. 1.
500 5.000
, .

5

(Veropoulos SuperVero CDE S KTC ),

.
,
, ,
, ,

,
.

. leniency ,

2 .
. ,

, ,

.
.
,
, ,
,
.

, ,

(statement of objections),
.
,
, ,
() . ,
,
.

,
,
. ,
, ,
, .

,
, ,
.
,
, .

, 30
, ,
.

, . ,
,
. 3 ,

40%.
, ,
, , , .
,

. , .

,
, /
/ . ,

,
. , ,
,
,
.
, ,
( ),
, , , ,
.

3.

3.1.

. ,
, .
,
.

2010. ( ,
oj 73/2010). 2011.
. 2011. 51 ()
.


.
2010. , 2011. :
, ,
. .

, 05 : 030-96880/2010
23. 2010. . ,
.

3.2.

( : )
, .
7 : ,
, ,
, , -
-, ,
.
K,
, 54 , 45
, 1 , 7 1 II .
, ,
,
. 2011. 3
, .
, ,

8

 ,
.
31 .
( ) 20 ,

(-, , )
, .
, 25
, 1 , 5 .
1 , 3
, 2
, 5 6
. . 2011.
5 : 1 . , 2 .
2 , ,

( , oj 36/09).
4 .
.
,
, :
..

1.

2.

3.

4.

5.

6.

7.

-,

8.

,
,
. ,
,
,
,
.

3.3.

01.
.
2011. , ,
.
, , a
,
.
2011. . 2011.
28,817,193.00 . 89% .
32.
.

( 000 )
..

2011..

2011..

209,178

190,000

107

146,717

161,183

91

*
.
2011.

1
411
412
413
414
415
416
421
422
423
425
426
431
444
482
512
515

2011

2011.

76,228,000.00

75,802,277.00

14,092,312.00

13,267,302.00

50,000.00

43,422.00

450,000.00

202,799.27

1,032,495.00

1,002,904.00

2,500,000.00

2,425,118.00

30,400,000.00

30,384,670.52

4,400,000.00

4,140,621.31

17,080,000.00

16,760,060.60

350,000.00

210,507.52

2,300,000.00

1,715,694.44

3,000,000.00

0.00

( ..)

7,500,000.00

1,364.42

,

. -

10

150,000.00

74,697.08

1,500,000.00

633,685.96

150,000.00

52,153.64

161,182,807.00

146,717,277.76

99.44
94.15
86.84
45.07
97.13
97.00
99.95
94.11
98.13
60.15
74.60
0.00
0.02
49.80
42.25
34.77
91.03

 , 51,67%, 20,71%,
, , 11,42% .
,
. ,
. 3/07-13/09-20 05.08.2009. ,
2009 ... , . ,
, ,
,
.
2006. ,
, , .
, ,
12. 2012.
, ,
.

320,896,474 . 2011. 62
.
2012. 54. 31.10.2011.
,
.
je, 2011. , e
1.872.190.859,00 .

.



( , oj 10/2011).
,
, ,
:
310,074,025.00
4,660,127.20
: 314,734,152.20

1.
2.

11

4.

01.01.2011. 31.12.2011.

31.12.2011.

14

6*

2**

22

21

24

17

32

32

111

91***

20***

: * 2012. 6
** 2012.
*** 98,
13.

12

4.1.

10.

, ,
.
, ,
, , ,
:
1) ;
2) , , ;
3)
,
;
4)
;
5) .
,
.

01.01. 31.12.2011. 8
10. -
. , 4
, 2011. . 2
2011. , 1 1 , 2
.
.

4.1.1.
Delta Generali e, a
Wiener Stadtische
2010. ,
,
10. Delta Generali
, Wiener Stadtische , .


, .. Jat
Airways .
. ,
18. 1. 3), ,
, . 10. 11. .
13

 ,
/
, ,
.

4.1.2.
IDEA - Swisslion
5. 4.
2009. , ..o. , a,
Swisslion ... , :
Swisslion ... , .. ...
- ,
,
Swisslion Group ... ,
24.08.2009. , ,
,
: ,
: Swisslion- ... ,
Swisslion ... , .. , ...
- ,
, , (
52110 - , , )
.
: 1.
IV/1 ,
..o. , Swisslion ... , ,
, ,
:
Swisslion ... ,

, , ( 52110-
, , ) ,
7. IV/2 ,
..o. ..
, , ,
,

.. ,
, ,
( 52110- ,
, ) .
, ( )
,
, , /
,
1. , .
2%
14

2008. , 569.379.780,00 (: ).
: Swisslion Group ... , Swisslion- ...
, Swisslion ... , .. ,
... - ,

, Swisslion Group , ,
, .
Europa Bus
, .. , Europa Bus ... ,

: - ( );
- ( ); --; --; -; -- --. ,
( )
,
.
. ,

,
, 10. 2. 1) .
,
,
,
.
: .. , 1,38 %
2009. , 117.248.070,00
(: ),
Europ-Bus ... , 1,38 %
2009. 1.737.765,00 (: ).

,
-, 24.08.2010.
, , 10. 2.
1) . : ;
01.09.2010. , ;
- 7% ;
, - 50%
, 50% ; .
,
,
, .
15

 , ,
0,6 % 2010.
, 21.650.850,00 (: ).
, ,

,
.
,
,
,
.

- ,
; , ; LUX TAXI , ; MAXISS
EXPORT-IMPORT ..., ; -
, ; , ;
TAXI BELL ..., ; MS CO PINK ..., ; CD PEPSIS ..., ;
..., ; ..., ; ..., ;
- ()
28.
2006. ,
,
, ,
- .

, , ,
,
,
-

,
15 .2185/10 (2007) 02.07.2010. ,
2007. , ,
. ,
.
,
, ,
.
, 74. ,
,
.

16

IDEA ... GRAND PROM ..

I
2009. , GRAND PROM
.. , , IDEA ... , , ,
2%
10% ,
, , ,

, ,

, , ( 52110-
, , ) ,
GRAND PROM .. IDEA ... .
,
,
, , /
,
, .
1,5%
2008. , 427.034.835,00 (: ),
2% 2008. , 249.866.580,00
(: ).

1. 7215/11 29.09.2011.
, .
,
.
MA Trading -
4.
, BMA Trading ... , 25.08.2006.
, , ,
-
, WKF Approved,
.
, ,
1.
, ,


- , WKF
Approved. .

17

 ,
17 . 9887/10 29.06.2011. .
74. , ,
.

4.2.

11.

, ,

,
.

4.2.1.
14
12. .
31.12.2011. 8 6
,
. 6
2012. ,
.
Tigar Tyres ...
Tigar Tyres ... ,
... .
MICHELIN ( )
Tigar Tyres ... ...
/ .

,
Michelin
,

.
Tigar Tyres Klacska Jugoslavija ...
Tigar Tyres ... ,

Klacska Jugoslavija ... .

, ,
, , ,
18

 ,
.
MERCATOR-S ... ...,

Mercator-S ... ... ,
, 4
.
, ,

,
. ,
(inter-brand
), .
, ,
,

,
Mercator.
,
()
.
Mercator, ,

, ,
.


: Energoprojekt Garant A.D. , Wiener Stadtische osiguranje
A.D. A.D. Uniqa neivotno osiguranje ,
,
,
, . 6
.
, ,
,
.
,
, .

,
,
.
19


.
,
,
, ,
.


: Energoprojekt Garant A.D. , Wiener Stadtische osiguranje
A.D. A.D. Uniqa neivotno osiguranje ,
,
, , .
2 .
, ,
.

.
, .
2
,
.
Direct Lot ...

, ,
Direct Lot ... , 4 .

( ), .

, 1.500
, .

.
,
10%
.
11. ,

,
,
.

20

 ,
,
.
. , ,
,
.
,
,
.
, ,
.

4.2.2.
S.C. Michelin Romania S.A. , , 6

. , 4
,
: ... , Kemoimpex .. ,
... .. .
... ,
GP Auto-shop ... .1

2012.
.

21

4.3.

15.

,
, ,
, .
,
40% .

50% (
).
, . 2. 3. ,
.

16.
.
, :
1)
;
2) , ;
3)
,
;
4)
.

4
16. .
, 3 , 2011. ,
1 . 1
, 3
.

4.3.1.


,
, :

22

,
,
,
,
, 3.

, ()
,

.
,
, 16. 2. 4. ,

.


, ,
.
,
2,3%
2009. ,
2.682.000,00 (: ).

4.3.2.
Coca Cola Hellenic Bottling Company
Coca Cola Hellenic
Bottling Company Srbija Industrija bezalkoholnih pia A.D. -,
/
16. ( ).
, ,
, , .
,
/
, ,
.
..

.. ,
16.
( ). ,
, , ,
.

23

 ,
/
, ,
.


16. . ,

,


01.06. 31.07.2011. .
ADSL 25%
ADSL . ,
,

.
, , 12 24
.
, , ,
, ,
, ,
.

4.4.

,
( )
( )
.
, 74.

. ,

.
,
.

,
.
74. ,
. ,
, ,
.
, ,
24

 .
.
,
, , , .
,

,
, ,
.
7
,
, . 2
2011. . 5
: 1 , 4
. 2 .

4.4.1.
-

1,92% 2006.
, 51.262.576,00 (: ).

1,92% 2006. , 254.885.759,00
(:

).
, ,

.
,
2005. , 01.03.2008. (
).
,
.
.


, 7% 2007. ,
1.243.690,00 (: ).

.

25


( )
,
, 1,30%
( )
,
2007. , 466.994.346,00 (: ).

, , : ,
, , , ,
, , , Wiener Stadtische osiguranje
, , .

1%
, 2007.
:
125.557.630,00 ; , 111.551.740,00 ;
, 48.663.970,00 ; , 6.524.610,00
; , 5.942.020,00 ; ,
13.968.460,00 ; , 9.444.920,00 ; ,
8.810.550,00 ; Wiener Stadtische siguranje, 26.421.610,00 ; ,
2.340.740,00 .

.

( )

:
1,1% 16.492.751,00 (: ); Uniqa
0,8%, 9.379.152,00 (: ) 1%,
7.870,00 (: ).
,
15.06.2009. ,
, , :
, , , Delta Generali ,
, , .

,
01.07.2009.
() .
,
26

 ,
.
108. ,

, ,
, ,
.
,
: 01.07.2009.
,
,
,
, 11,45%
( ), .

( )

,
: .. , , .. UNIQA ,
.. Wiener Stadtische osiguranje, .

. , ,
108. ,

.
,
,
.

4.4.2.

:
.. , .. , ., , Habit
Pharm .d. , .. , .., ,
.. , Pharma Swiss d.o.o. , .. , .. ,
... , Phoenix Pharm d.o.o. , ... ,
.. , ... .
,
.

27

Serbia Broadband Srpske Kablovske mree

Serbia Broadband Srpske
Kablovske mree d.o.o., ,
,
, :
, , , , , ,
, ,
DTH
,
.

4.5.

,
, ,
,
62. .
,
, .
,
,
, ,
, ,
, .
,
,
,
.
, 24 , 17
, 7 . ,
,
, , , .
,
,
.
2
. (6)
. ,
,
, ,

. ,
.
, , .
28

 , .
Life R.F.
: .

.


,


.
,
,

.
,
. ,
,
, ,
,
,
,
.
,
, ,
.
..,.
: 16.
Kopernikus Technology d.o.o. - , ,

() ,
.
, ,
, :
, 10%

;
, ;
,

,

a
29

IPTV / DTH ()
.
9,
: . 10. 16.
Serbia broadband Srpske kablovske mree ... .
,
.


,
,
. -
,
-
, , ,
,
,
() .

,
,
. ( ),
,
.

30

5.

17.
K :
1)
;
2) , 5.
2. ;
3)
5. 2.
, .
,
,
.

19.
, ,
, ,
.
:
1) ;
2) ;
3)
;
4) ;
5) ;
6) ;
7) ;
8) ;
9) .

2011. 114 .
, 94
, 6 , 5

61. , 1
, .
,
, - 60 (
66% ).
. ,
,
61. 3. ,
. 8
,
31

 8,5% 2011.
. ,

, .
1
2011.

92
92%

2
2%
5
5%

92
1
1%
(100) :
1. 92;
2.
( ) 2;
3.
5;
4. 1.

5.1.

2

2011.
17

02

2
2,1%

17
75
79,8%

75

17
18,1%

(94) :
1. . 17 1 1 ( 2)
2. . 17 1 2 ( 75); : 8

, 10,7%
.17 1 2 ; 2
(2,7%
.17 1 2 ;
3. . 17 1 3 ( 17)

32

 2011. ,
( 73 79%
),

, ,

, , 17. 1. 2) .
, , .
1.

K

... ,
,
.

2.

Securitas Services d.o.o. ,
,
,
Securitas Services d.o.o.
.

3.

Apsolut Property d.o.o.
,

.

4.

DTEK Holdings Limited
Zahidenergo , 70,905%
.

5.

DTEK Holdings Limited
Kyivenergo , 64,985%
.

6.

Javna rasvetljava d.d. ,
.. , 70,42567%
.

7.

DTEK Rovenkyanthracite
Rovenkyanthracite, 49
.

8.

Nectar d.o.o. ,
Fructal dd , 93,7%
Fructal dd ,
33

 Pivovarna Union dd Nectar d.o.o.

.
9.

Robert Bosch GmbH Inubit AG
100% .

10.
...
,
, ,
,
.
11.
Gefco SA Gruppo Mercurio
S.p.A. , Gefco SA
70% Gruppo Mercurio S.p.A.
12.
Japan Tobacco Inc. JT International Holding
BV Loras Holding BV , Haggar
Cigarette & Tobacco Factory LTD Haggar
Cigarette & Tobacco Factory LTD ,
,
100% .
13.
DTEK Holding Limited
Dniproenergo ,

Dniproenergo, DTEK Holding Limited.
14.
DTEK Sverdlovanthracite
Sverdlovanthracite ,
49 .
15.
Energees Management Limited ,
Prom - Energo Product ,
100%
.
16.
Schneider Electric SA ,
Schneider Electric Espana S.A.U.
Telvent GIT SA ,
Telvent GIT SA .
17.
UMG United Minerals Limited , Firma
Donkerampromsiryo
.

34

18.
Volong Holding Group Co. LTD. ,
ATB Austria Antriebstechnik Aktiengesellschaft
, 97,84% ATB

.
19.
Valant Pharmaceuticals International ,
Pharma Swiss SA ,
Pharma Swiss
.
20.
Metinvest B.V. ,
,
JSC Zaporizky Integrated Iron and Steel Works Zaporizhstal,
.
21.
DTEK Holding Limited ,
Donetskoblenergo ,
40,061% ,
DTEK 30,826663%,
DTEK Holding Limited 70,887663%
Donetskoblenergo .
22.
...
-
,
, .
23.
DTEK Holding Limited B.V. Taurunum
Holdings B.V. , 100%
Dexim B.V.
.
24.
Dr Oether Nahrungsmittel Beteiligunsh GmbH ,
Centro Fantastico d.o.o. ,
..
.
25.
, ...
, ..
, 80,09849%
.
26.
UMBH Ukrainian Machine Building Holding Limited ,
JSCOT Donetskgormash,
.
35

27.
... ,
..
,

.
28.
Gr. Sarantis Cyprus Ltd. , Plusfidelity Limited
100% ,
Interclean d.o.o. ,

, .
29.
ESPV Limited , Scientific and production company Sigma
Service ,
Sigma Service .
30.
... ,
,
,
100% .
31.
SCM Financial Overseas Limited ,
Bank Renaissance Capital , 100%
RCF Europe B.V.
.
32.
... ...
,
, .
33.
UMBH Ukrainian Machine Building Holding Limited ,
Ukrtransmash LTD Kamensk Heavi Engineering Plant ,

.
34.
Robert Bosch
, ,
Unipoint , Unipoint Electric Mfg. Co. Ltd.
,
.
35.
Starvista Limited , Metacapital
, 99% .
36.
... ...
,
36

 ... ,
.
37.
UPM Kymmene Corporation , Myllykoski Paper
Oy , ,

UPM Kymmene Corporation.
38.
...

,
.
39.
Energees Management Limited, , Regal Petroleum plc,
, .
40.


, , .
41.
- ...
... Just a moment d.o.o.
.
42.
INDUSTRIA DE DISEO TEXTIL, S.A. ,
Delta Still d.o.o., Delta B Fashion d.o.o., Delta
MD Fashion d.o.o., Delta O Fashion d.o.o., Delta P Fashion d.o.o. Delta S Fashion d.o.o.,
, .
43.

, - ...
... ..
70,26277% .
44.
Chester Holdings S.a.r.l.,
: (I) Capsugel Belgium BVBA, ; (II) Capsugel de Mexico, S.
de R.L. de C.V. ; (III) Capsugel France ; (IV) Capsugel Healthcare
Limited ; (V) Capsugel Japan Inc. (KK) ; (VI) Capsugel Plormel
; (VII) Capsugel Co. Ltd. ; (VIII) PT. Capugel Indoneia
(IX) Suzhou Capugel Ltd. , Pfizer
Inc. ,
Capsugel
, .
45.
Tikkurila, Zorka Color d.o.o
, .
37

46.
Robert Bosch GmbH, , Httlin GmbH,
,
Manesty , .
47.
Slovenia Broadband Sarl, , Knight Developement
Support d.o.o., , .
48.
Bayer CropScience AG, , Raps GbR, ,
P.H.Petersen Saatzucht Lundsgaard GmbH & Co.
Canola Breeders International Ltd., ,
.
49.
SEE MEDIA HOLDINGS B.V. ,
CT ... , .
50.
Becchis Osiride ...,
,
, .
51.
Sberbank of Russia, , Volksbank International
AG, .
52.
Mga-Trade ,
, , Trivit-Pek -
, ,
.
53.
MK Group d.o.o. Ashmore Carnex Holdings
Limited, ,
54.
Robert Bosch GmbH, , Oak
Aircondition Technology Shandong Co. Ltd
Qingdao Oak Central Air Conditioning Co. Ltd. ,
Robert Bosch
Bosch Zibo .
55. Telenor
Norge A.S. , Los Bynett A.S. Bynett
Privat A.S. ,
.
56.
rcr-S d... ,
Familija Market ... ,
.
57.
Microsoft International Holdings B.V. ,
38

Skype Global ,
.
58.
... , ,
.
59.
..
.. ,
.. ,
.. 95,02%
..
60.
... ,
,
100% .
61.
, Almex
, .. ,
100% .
62.
...
, , ... ,

100%
.
63.
Trk Media Holding Limited ,
Televiziyna sluzhba Dnipropetrovska 68%
.
64.
Meggle Eastern Europe GmbH
... , 100%
.
65.
ffichage Holding SA ,
Alma Quattro d.o.o. Beograd, Air media d.o.o. Beograd, Europlakat YU d.o.o.
Beograd, 100%
Europlakat International Werbeges. m.b.H. ;
66.
Nestle S. A. Centro-Spice
d.o.o. Beograd , 100% .
67.
Volkswagen AG , MAN SE
, 53,71%
55,9% .
39

68.
WILD Flavors GmbH, ,
A.M. Todd Group, Inc.
, A.M. Todd Group, Inc
,
A.M. Todd Company India
Private Limited , WILD Juice B.V.
.
69.
... ,
.. ,
,
,
87,53% .
70.
Davidovi & Company d.o.o. ,
,
,
98,224% .
71.
Idea d.o.o.
... ( ,
, , , ),
Tu Trade d.o.o. .
72.
Alliance Boots Management Services Limited ,
Andreae Noris Zahn AG ,
.
73.
Portinvest Limited Marine Terminal Yuzhny
,
, .
17. 1. 3) ,
, 17
( 19% ),
:
74.
Ybbstaler Agrana Juice, Agrana Beteiligungs
Aktiengesellschaft RWA Raiffeisen Ware Austria Aktiengesellschaft
,
Agran RWA
50,01% : 49,99%.
75.
RWA AG Essen ,
-

40

 ,
.
76.
Wietersdorfer Beoin Holding GmbH Lafarge
Perlmooser Unternehmensakquisitions GmbH , Lafarge BFC
Investment GmbH ,
Wietersdorfer Beoin Holding GmbH Alas
Serbien Beteiligungsverwaltung GmbH, Lafarge BFC
Investment GmbH .
77.
.. ,

, ,
, ,
,
73,47%
.
78.
, Aktivsauerstoff GmbH
Evonik Persalze GmbH ,
Evonik Degussa
Peroksid GmbH Treibacher Industrie AG.
79.
/Mercurio, Gruppo
Mercurio s.p.a. ,
.
80.
FIAT POWERTRAIN TECHNOLOGIES S.p.A. General
Motors Automotive Holdings, S.L. , 100%
VM Motori S.p.A. , 50% VM
Motori S.p.A. FIAT POWERTRAIN TECHNOLOGIES S.p.A.
81.
KKR & Co, L.P. Silver Lake Group
L.L.C., ,
The Go Daddy Group, Inc., ,
Desert Newco, L.L.C.
.
82.
Nestro Dunav ... , (100%)
Optima Grupa ... ,
Naftachem ... 49% Nestro
Dunav ...
.
83.
Beijing Foton Daimler Automotive Co. Ltd. Beiqi Foton Motor
Co. Ltd, Daimler AG, ,
.
41

84.
WABERER'S HOLDING VAGYONKEZEL
Mid Europa Partners LLP, Gyrgy
Waberer, ,
.
85.

,
,
;
86.
Rolls-Royce Group plc,
Daimler AG, ,
Tognum AG, Bergen Rolls-Royce ,
.
87.

, BASF SE, INEOS
Industries Holdings Limited,
, .
88.
Dana Rexroth Transmission Systems S.r.l. , Bosch Rexroth AG,
Dana Holding Corporation, ,

.
89. Dekel
Holdings Co., Henkel Hong Kong Holding
Limited, Tiande Chemical Holdings Limited,
,
.
90.
PORR BAU GmbH, , MABA Track Solutions GmbH,
Constructing Team Invest d.o.o. ,
PORR BAU GmbH 100%
Constructing Team Invest d.o.o.,
MABA Track Solutions GmbH 26% Constructing Team Invest
d.o.o.
17. 1. 1) ,
2
( 2% ) :
91.
, Alpha Bank S.A.
EFG Eurobank Ergasias S.A. ,
,
Alpha Eurobank S.A.
92.
Lafarge BFC Investment GmbH ,
42

 Lafarge Perlmooser Unternehmensakquisitions GmbH (

), Lafarge BFC I,
Lafarge BFC Investment GmbH,
Lafarge Perlmooser 100% ,
Lafarge BFC Investment GmbH
Wietersdorfer Beoin.

5.2.

Delhaize Group Delta Maxi

Lion
Retail Holding S.a.r.l. Luxembourg, , Delhaize Group SA/NV,
, Delta Maxi d.o.o., ,
: a.. , ..
, .. , .. TP Stadel d.o.o.
, Bel Investment Property d.o.o. .
, ,
, ,
. ,
, ,
.

, ,
,
. 2008. 2010. ,
,
.

, .

,
,
.
,
, Delhaize,
.
,
. ,
Delta
,
( ) .


.
,
43

, ,
, . ,
,
,
Delhaize
.
,

, .

.

,
,
,
.

,

140 .

,
2011.
, . ,

.
Delta Agrar La Verdura

Delta Agrar d... ,
La Verdura d.o.o. ,
100% , Hemslade Trading Limited ,
.

, .
(2,5% 5%), , ,
.
, ,
, DELTA MAXI
d.o.o. . DELTA MAXI d.o.o.
, (
) .
, ,
DELTA MAXI d.o.o. ( 2007.
) .
. , ,
44

 , 180.000
, 198.000 .
, ,
.
.
,

, -2
, .
, .
,

, ,
. ,
,
.
, .

5.3.

5.3.1.
2011. 5
,
:
1. Clover Holdings Inc.
(100%) TRS Swiss Production
d.o.o. , TRS AG Periplo Ltd ,
Saakar Printing Design and Engineering
Private Limited, Periplo Ltd

61. .
2. ... ,
.
01/09,
... ,
61. .
3. ... ,
() ..
, . ,
.. ,

.
4. ,
OST Holding Sudosteuropa GmbH, ,
45

 62,39798 % -
.. , (100%)
(Trimax Investments GmbH
24,98887% , Ardos Holding GmbH 24,89984% Karamat Holdings LTD
12,50927% ).

19. 2009. ,
14.4.2011. , , ,
,
. 9. 2011.
,
.
. 3.6595/11 21.9.2011. .
, ,
,
25, 2 2005. ( ,
79/05) 100%
; , 6.6.2011.
, ,
,
(14.7.2011.),
(10.10.2011.
), . 27. .1. . 52. . 4. 2005.
. 3. . 1. 2.
( , 94/2005),

, 74. (
, 51/09).

,


,
,
,
.
5. Agrokor d.d.
, Poslovni sistem
Mercator d.d. , 52,1%
.
Agrokor
, ,
52,1% Poslovni sistem Mercator d.d. ,
.

( , 89/09),
. ,
,
. MERIDIAN,
,
46

 ,

, ,
.

5.3.2.
2011.
.
,
Telekom Austria AG ,
51% .. ,
. Telekom
Austria 51% ,
51% , ,
.

5.4.

1.
Agrokor
Mercator ,
Agrokor (52,1%)
PS Mercator 11 .
11. 2011.
.
,
5. 2012. , .
2.
, AKKA Technologies SA
65% MBtech Group GmbH & Co. KGaA
Daimler (100%)
, 35%
.
2011. , 12 .
30 , 2012. ,

.

47

6.
.
30 .
,
3.
, 20 , 16 ,
, .

31.12.2011.

16

24

20

01.01.2011. 31.12.2011.

, ,
, . 2
.
.
48


49. ,
7 , 6
,
.
2011.
, , ,
.
,
, ,
. a ,
, ,
, ,
.

, ,
.

49

7.
, ,
,
.
,
,
.
,
, .
, , 2 50 (
).

7.1.

, ,
, , , ,
, , .
.
, , ,
: ,

. ,
,
, ,
,
,
.
.



(bid rigging). ,
,
/ , /,
. ,
.
:
, ,
. ,
,
.
50

 , , ,
.
.

7.2.

,
, ,
.
,
.
,
, ,
.

, , 21.
1. 7) ( , 51/2009),
.
, ,

.
47. ,

, ,
,

.
47.
,
,
, .
47.
,
.
47. .

, ,
,
, .

Pool-a.
51

 ,
.

,
.


,
.
61. 2.
62. .

, 61. 2. 62. 1. 5.,
. 64. 1. 2)
,
,
3. 4. .

, ,
,
. ,
.
,
, ,
, .
,
.
, ,


.
, 78. 4.
(
-
)
- .
, ,
.
,
.
, 78.

,
, .

52


75. . 2. 3. ,
.

.




,
:
(), ,

;

(
)
.

, ., ,
, .

, , , :



;
;
,
;
;
;

,
, ,
;
;

( ).

.

,
, .
53



.
, ,

:
-
;
- , ,
.
;
-
.
,
,
, ,

.

,
1. , ,
3. 3, ,
,

( : )
, ,
.
,
,
a .
,
,
, o
.

,
.
2. 9. 3.

. 9. 3. , ,
, ,
,
, , 5 %
, .
,
(, ), ,
54

 ,
.
, , ,
,
, :

( , 97/2010).
14.01.2011. (
)

. 9.
98 95
, 13. 2, 2 1
. ,
,

.

( , 64/2011) 31.08.2011. ,

.
( , 101/10)
14.01.2011.

1. 2011. ,

.
,
, 0,30 ,
4,80 . ,
4,53 ,
, , 6,53 .

,
.

.
14.06.2011.
( , 43/11),
, , .

55


( , 62/2011)
23.12.2011. , ,


,
, .
6. 2.,
01.01.2012. , ,
, ,
.
,
,
.

,
1. 2011. .

,

.

7.3.

19 ,
,
( ).

7.3.1.


, , ,
, , .
. negative clearence .
, :
9. , 10.
, . 15. 16.
.
.
11. 13. ,
, ,

( , 11/2010).
56

 (
13. ) .

11. .
,
.

, .
, , .

14. ,
, .

,
,
.
,
,

( , 107/2009).
.
, ,
, ,
.


, ,
,
,
, .

,
,
,

.
,
,
, ,
,
,
,

. , ,
, -

57

 ,
.

,

, .
,
( ),
, , ,
,
, . ,
.


10.
.



( , 11/10, : )

( ) .
()
, ,
, ,
- ,
.
,
,

.
,
12. 11. ,
13.
.
, ,
,
.
, , ,
, .

,
, .
58

 , ,
. ,
- ,
,
. ,
,
, ,


. ,
.
,
,

.
-

- ,
.
5. 1. 2)
("
", 11/2010)
,


. (
5. 2. 1) ),

,
,
. :
,
,
.
, ,
, ,
.

- ,
. :

,
59

 , , de facto,
.
, ,
-
,
.

7.3.2.

,


, ,
.
,


, .


, ,
, ,
,
.
, ,
- ,

,
,
.
,
, .

,
.
,
.



.

60

7.3.3.
2011.
( 30),
,
.
, ,

.
, 61.
(
), ,
,
( ), .
,
, - ,
.
,
:
?
100%
( ) ( )
( )

,

() ,
. Lafarge
BFC Investments France, Lafarge
...
,

.
5. ,
,
, ,
.
17. ,
,
.

?
, ,
,

- . ,

61

 , ,
.
, ,
-
. , (5. 6. 7. ),
,
, ( 2
) - ,
( 3 )
.

,
. , -
0,4%,
, ,
0,7% 0,8%.


.



,
,
.
, .
,
, , ( ),
. 63. ,
61.
1. 2) .
(
),
.
, ,

,
, .
, ,


, ,
.
,
, , ,
62


,
.

, , 8 .
30 ,
.
, (
, ,
) ,

.

7.4.

157.

( , 104/2009),
:
-

(
132. 10.),

( 135. 3.)

( 157. 3.).

,
. ,
,
,
. ,
, ,
, ,
,
.
2011. 162
, ,
,
. , 123 ,
39 .
, ,
,

, ( )
.
, .
,
, ,
63

 , ,
, ()
, .

,
,
17. . ,
,
, ,
.
,
,
,

. ,
,
5. 2. .
61. ,
. ,
, , ,
.


.

.
2011.
:
-

...
...
..
..
...
...
..
..
..
4 JOBS d.o.o.
...
...
..
...
ITF Corporation d.o.o.
...
...
...
...
..
64

...
..
..
Radakovi Co d.o.o.
...
...
..
..
...
- ...
..

...
Euroluxpetrol ELP d.o.o.
...
Simex group d.o.o.
..

..
..
..
..
ALPEN OM d.o.o.
..
...
Pakom d.o.o.
..
Origami hemija d.o.o.
..
..
Pan alko promet d.o.o.
Voar coop a.d.
..
..
..
...
..

..
...
...
..

..
..
...
..
..
...
Agrar Trade d.o.o.
...

MIT Product d.o.o.

65

Wow Winery d.o.o.

...
..

...
..
..
...
Nicco Agrar d.o.o.
..
..
...
Mil Prom d.o.o.
...
Dandy Pro d.o.o.
80 ...
..
..
- ...
..
- ...
92 ...
...
..
..
..
...
..
...
IVA Co ...
Habit Pharm ..
WMW ...
New Deal ...
uropean group ...
..
...
. ..

..

..
..
...
...
Coop Trans ...
Malcon ...
&T
..
..
...
...

66

8.
47. 1.
,
,
( ).
/ ,
,
,
.
,
( 47. 4. ).
,
,
2011. , ,
, 2010. ,
.
, ,

. 47. ( , 51/09)
, , ,
2008.-2010.
. je a
( ) : , , , Eko Serbia,
,
, ,
.

, ,

.
, ,
, .
-,
,

, .


, .

. , .
67


.
,
, ,
. ,
, ,
,

.
,
,
, .
, ,
(www.kzk.gov.rs) .

,
, ,
2010. ,
2009.
. - ,
.
(-) 2009. 2010. .

,
.
( )

, ,
, ,
,
,
, ,
(
).
,

, .

,
,
.
,
,
.
68

 ,
, ,
.

,
.
, .

69

9.


,
.
,
2011.
().
.

, , ,
. -
,
, .

,
.
, ,
. .
, ,
Peer review ( 11.3.) ,
.
,
, .
,
, ,
,
, .

9.1.

.
, ,
2011.
, .
2011. , 13 , . 77
, 78 , 4
1 .
39
.

70

10.
,
(multiplication effect).
,
,
. ,
,
.
, ,
www.kzk.gov.rs i www.kzk.org.rs
2011. ,
, ,
.

,
.
2011.
, ,
, .

, .

71

11.
2011.
. ,
,
,
,
Peer review UNCTAD-
( ), .
,
: ,
, ,
.
,
, , ,
,
.

11.1.

()
2011.
(Progress Report). ,
,
,
.

-
. 73.
Antitrust , .
72. -, ,
74. ( ) 75. ( ),

.

,
DG Competition

, ,
, 2011.

DG Competition Enforcement Record,

Progress Report (
), (
); ,

72

2011. ( )
Acquisa ( , ,
).
, ,
. ,

EU ( EC
Regulation 1/2003 i 773/2004, , EC Regulation
139/2004 ).

d hoc DG Competition,
- . (.
, .),
, .

-



,
.
, ,
.

.
, ,
.
2011.
.
,
.
je, ,
. ,
, .
, ,
.
,
45 11
, 7
, 27 .
anti trust ( , ,
).

73

11.2.

IPA 2011

2011. Terms of Reference

IPA 2011, "Capacity
Building and IT Assistance to the Commission for the Protection of Competition".
30 ,
, ,
, . ,
,

.
,
.

- (
),
-

( , , , .).
(Danish Management)
.
1. 2012., .
"Capacity Building" 2011.
2012. .
3 .
2011. ,
.
, ,

IPA 2011.
2011.
IRZ

.

74

11.3.

UNCTAD ( )

(UNCTAD), , Peer review:
.
UNCTAD-
.
2010.
,
UNCTAD . Peer review . Peer review

.
,
.
, . , a
UNCTAD
. Peer review 2011.
, Peer
review , 3 () . UNCTAD

2010. . 2011. .
UNCTAD-,
,
.
Peer review ,
(19
21. 2011. , ).
,
,
, , , ,
, , , , .

Peer review,
.

.
UNCTAD-, .
, Peer review
:
http://www.unctad.org/en/docs/ditcclp2011d2overview_en.pdf
75

http://www.unctad.org/en/docs/ditcclp2011d2_en.pdf
UNCTAD-, Peer review ,
:
http://www.kzk.org.rs/kzk/wp-content/uploads/2011/07/Izvod-iz-Izvestaja-UNCTAD-a.pdf

International Competition Network (ICN)

ICN ,
.
. 115, ( )
2005. .
ICN (International Competition Network),

,
.
2005. ,
ICN. ICN-
, , ,
, , .
ICN , 2011.
, .
ICN
website ICN-a.

(Regional Competition Center OECD)
OECD,
RCC, . RCC
2005. OECD- .

( 2011. 5 )
,
.
, RCC
OECD
.
OECD-a ,

.
76

Global Competition Review

ICN,
, ,
.

.
, Global Competition Review
, .
''The 2011 Handbook of Competition Enforcement Agencies'',
.

11.4.

,
.
.
, .
,
.
.

( ), .

, ,
,
( ).

2011. ,
. ,
,
(UNCTAD)
.

Bundeskartellamt, .
2011. , .
(COMCO),
.
,
(Federal Trade Commission),
.
77


2011.
(

), ,
2012. .

11.5.

.

. 2011.
, , UNCTAD-, ,
20 ,

European Competition
Day ,

Fordham University New York (Fordham Competition Law Institute),

,
- Fordham University summer schoole Antitrust Conference

2011.
(Japan Fair Trade Commission).

78

12.

-
, , ,
, ( ),
-
,
.
, ,
; , ,
. , ,

- , ,
.
2011. , , :
- ,

,
, . (

).
-
,
. ,
, .
-
.
-

(competition
advocacy), , ,

.
2012. .

-
, Progress Report,
.
- ,
(UNCTAD),
.
- ,
, ,
,
.

79

- ,
.
IPA 2011, 3 .

2011.

I.

II.


157.

III.

IV.

80

7
8
1
5
94
115

1
6
3
2
12
24

48
6
123
177

1
39
40

15