The Ukrainian Competition Authority imposes a fine of EUR 1.8 million for ’gun jumping’ in a merger in the heavy industry sector, and does not clear the transaction due to economic sanctions on the seller’s beneficiary (TAS / Dniprometyz)

The facts of the case On 8 November 2017, Devisal Limited, a Cyprus subsidiary of the financial/industrial group TAS (the "TAS Group"), filed a merger filing requesting the Antimonopoly Committee of Ukraine (the "AMC") to approve the acquisition of a controlling stake in the Private Joint Stock Company "Dniprometyz" ("Dniprometyz"), one of the largest Ukrainian manufacturers of low-carbon metal products. While reviewing the merger filing, the AMC: opened a case on concentration (Phase II) to investigate whether Ukrainian economic sanctions were applicable to the planned transaction or not; discovered that earlier the same year – on 26 October 2017 – Blossom Investments OÜ, an Estonian subsidiary of the TAS Group, the normal activities of which include transactions and dealing in

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Anastasia Usova, Nataliya Kovalyova, The Ukrainian Competition Authority imposes a fine of EUR 1.8 million for ’gun jumping’ in a merger in the heavy industry sector, and does not clear the transaction due to economic sanctions on the seller’s beneficiary (TAS / Dniprometyz), 25 April 2019, e-Competitions April 2019, Art. N° 90748

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