EC Competition Commissioner on the warpath
- Author:Ella Cai
- Release on:2017-07-07
The EU Competition Commissioner is in the warpath again, this time for companies which allegedly misled the EU during M&A regulatory procedures.
GE is being accused of providing wrong information during its takeover of LM Wind Power. GE could be fined up to 1% of annual sales.
Merck and Sigma-Aldrich are under the cosh for not revealing a chemicals R&D project during its merger review in 2015. The two companies could also get a fine of 1% of sales revenues.
Canon is also under scrutiny for implementing the acquisition of a Toshiba unit before getting regulatory permission. Canon is facing a possible fine of up to 10% of revenues.
“We can only do our job well if we can rely on co-operation from the companies concerned — they must obtain our approval before they implement their transactions and the information they supply us must be correct and complete,” says EU Competition Commissioner Margrethe Vestager.
Some months ago, the EU fined Facebook $125 million for giving misleading information during a deal review.
GE is being accused of providing wrong information during its takeover of LM Wind Power. GE could be fined up to 1% of annual sales.
Merck and Sigma-Aldrich are under the cosh for not revealing a chemicals R&D project during its merger review in 2015. The two companies could also get a fine of 1% of sales revenues.
Canon is also under scrutiny for implementing the acquisition of a Toshiba unit before getting regulatory permission. Canon is facing a possible fine of up to 10% of revenues.
“We can only do our job well if we can rely on co-operation from the companies concerned — they must obtain our approval before they implement their transactions and the information they supply us must be correct and complete,” says EU Competition Commissioner Margrethe Vestager.
Some months ago, the EU fined Facebook $125 million for giving misleading information during a deal review.
