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
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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)
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