The French Competition Authority fines a company for gun-jumping in a case relating to a progressive takeover and de facto control in the spirit market (Cofepp / Marie Brizard Wine & Spirits)

On 12 April 2022, the FCA fined the Compagnie Financière Européenne de Prises de Participation [1] ("COFEPP") EUR 7 million for both (i) failure to notify its merger with Marie Brizard Wine & Spirits ("MBWS") and (ii) completion of the merger prior to the FCA's approval. The FCA launched the gun-jumping procedure shortly after clearing the merger (approx. one month after clearance). Dawn raids conducted by the FCA following the merger control review on suspicion of de facto control over the target prior to clearance COFEPP undertook a progressive takeover of MBWS. Similar to the Electrabel case, [2] COFEPP gradually increased its equity stake in MBWS [3] from approx. 5% in 2015 to more than 29% in 2017, and progressively increased its position at MBWS' general meeting, representing