The General Court dismisses the action brought by Canon, which was fined € 28 million by the Commission for failure to comply with merger control rules in its acquisition of Toshiba Medical Systems Corporation* In 2016, Canon Inc (‘the applicant’), a Japanese multinational company specialising in the manufacture of optical and image processing products, took over Toshiba Medical Systems Corporation (TMSC), a wholly-owned subsidiary of Toshiba Corporation (‘Toshiba’). That acquisition was carried out in two steps, through a securitisation vehicle (MS Holding) created specifically for that purpose. In the first step, on 17 March 2016, MS Holding acquired certain voting shares in TMSC for approximately € 800, while the applicant, in consideration for payment of the full price agreed for the
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