The French Minister of Economy imposes a moderate fine for failure to notify a merger (SNCF Participations)

On 28 January 2008 the Minister of Economy (the Minister) imposed a fine of 250,000 euros on SNCF Participations (SNCF P), a subsidiary of the SNCF group, in relation to the failure to notify the acquisition of sole control of Novatrans, a company operating in the market relating to the transport of freight. Through two series of transactions towards the end of 2006, SNCF P increased its shareholding in Novatrans from 38.63% to a majority shareholding both in terms of shares and voting rights. In the first series of private transactions between the 19 October and the 27 November 2006, SNCF P increased its shareholding from 38.63% to 49.02%, i.e. an increase of 10.38%. Following the SNCF P's acquisition of further shares in Novatrans, increasing its shareholding from 49.02 % to

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Authors

  • Freshfields Bruckhaus Deringer (Paris)
  • Freshfields Bruckhaus Deringer (Paris)

Quotation

Jérôme Philippe, Aude Guyon, The French Minister of Economy imposes a moderate fine for failure to notify a merger (SNCF Participations), 28 January 2008, e-Competitions January 2008, Art. N° 17549

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