The Spanish Competition Commission fines company for failing to notify a concentration and executing it before receiving clearance, but admits that it would not have noticed the infringement if the company had not warned it (Essilor/Polycore)

On July 31, 2014, the Spanish National Commission for Markets and Competition (Comisión Nacional de los Mercados y la Competencia or “CNMC”) fined ESSILOR INTERNATIONAL (COMPAGNIE GENERALE D’OPTIQUE) S.A. for failing to notify a merger agreement and breaching the obligation to suspend its execution until it had obtained legal authorization. Background On June 11, 2013, OSA INVESTMENTS HOLDINGS PTE. LTD. (OSA), a wholly owned subsidiary of ESSILOR INTERNATIONAL (COMPAGNIE GENERALE D’OPTIQUE) S.A. (“ESSILOR”), entered into an agreement with POLYCORE HOLDING CORPORATION to purchase 50% of the shares of POLYCORE OPTICAL, LTD (“POLYCORE”). Following this agreement, and together with POLYCORE’s bylaws and a partners agreement dated July 1, 2013, ESSILOR executed the transaction and acquired

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.

 

PDF Version

Authors

Quotation

Patricia Sánchez-Calero Barco, Carlos A. Ruiz García, The Spanish Competition Commission fines company for failing to notify a concentration and executing it before receiving clearance, but admits that it would not have noticed the infringement if the company had not warned it (Essilor/Polycore), 31 July 2014, e-Competitions Bulletin July 2014, Art. N° 74716

Visites 103

All issues

  • Latest News issue 
  • All News issues
  • Latest Special issue 
  • All Special issues