On 10 June 2009, the European Commission (EC) imposed a fine of € 20 M on Belgian electricity supplier Electrabel for implementing a merger without seeking its prior approval, in breach of the EC Merger Regulation (ECMR). This decision merits attention not only because it is one of only a handful of such decisions in Europe, but also because it serves as a reminder of several key issues often arising in EU merger reviews. In particular, the decision highlights the importance of making a careful assessment of the concept of “control,” which is the trigger for a merger notification under the ECMR. I. Electrabel's failure to notify In 2003, Electrabel purchased shares in the French electricity generator Compagnie Nationale du Rhône (CNR), with a resulting shareholding of less than 50
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The EU Commission imposes a 2M EUR fine against Belgian electricity supplier for failure to notify a merger (Electrabel / CNR)
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