Gun jumping

Foreword Gun jumping in mergers: An overview of EU and national case law New

The duties of merging firms to notify their concentrations and refrain from implementing their transactions until they receive the necessary clearance have been subject to increased survey by competition authorities around the world in the past year. At the EU level, the Commission’s recent practice shows an intention to use more of the instruments at its disposal to sanction companies and deter them from jumping the gun, for example by, when appropriate, making use of the maximum permitted fine or fining the target company in addition to the acquirer. At the national level, the same dynamics are at play, with record fines, first decisions sanctioning the breach of both the notification and the standstill obligation, and a desire to educate actors on how to avoid gun-jumping when planning a merger. Outside the EU, competition authorities around the world signal their intention to intensify their gun jumping enforcement, either by increasing their fining capacity, adopting gun jumping decisions for the first time or imposing record-breaking fines.

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European Commission - Legal Service (Brussels)
Belgium 1 contribution 1103 visits

Mergers

 The EU Commission issues a record-breaking €432M gun jumping fine on a biotech firm for its acquisition of a nascent competitor without approval (Illumina / Grail)
Van Bael & Bellis (Brussels)
Belgium 38 contributions 9518 visits
On 12 July 2023, the European Commission (“Commission”) imposed its largest gun jumping fine to-date against Illumina for closing its acquisition of Grail while the Commission’s merger control review was still pending. Due to Illumina’s blatant and intentional defiance of the EU Merger (...)

The EU Commission issues record-breaking €432M gun jumping fine on two biotechnology firms (Illumina / Grail)
Van Bael & Bellis (Brussels)
Belgium 56 contributions 25423 visits
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Van Bael & Bellis (Brussels)
Belgium 53 contributions 22829 visits
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Van Bael & Bellis (Brussels)
Belgium 154 contributions 52661 visits
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On 12 July 2023, the European Commission (the Commission) imposed its largest gun jumping fine ever on Illumina because that firm had closed its acquisition of Grail while the Commission’s merger control review was still pending (see, attached Commission press release). Due to what the (...)

The EU Commission fines two biotech companies the maximum permitted fine of 10% of their global turnover, €432M, for breaching the standstill obligation (Illumina / Grail)
European Commission - DG COMP (Brussels)
Belgium 1337 contributions 2820583 visits
Mergers: Commission fines Illumina and GRAIL for implementing their acquisition without prior merger control approval* The European Commission has fined Illumina and GRAIL approximately €432 million and €1,000 respectively, for implementing their proposed merger before approval by the (...)

The Albanian Competition Authority imposes a fine for gun jumping in obtaining the joint control of a construction company without notification (Agna Sha / INFO-Telecom / Tirana International)
Albanian Competition Authority (Tirana)
Albania 4 contributions 374 visits
Press releases* The Competition Commission, in its meeting on 05.07.2023, considered the case for imposing a fine on the companies AGNA SHA, INFO-TELECOM LLC and TIRANA INTERNATIONAL DEVELOPMENT LLC, for not notifying within the deadline of the concentration carried out for the benefit of (...)

The Hellenic Competition Authority reviews an overdue submission of a merger notification in the food industry (Ellinika Markets / Anedik Kritikos)
Hellenic Competition Commission (Athens)
Greece 127 contributions 17240 visits
Assessment of an overdue submission of a merger notification* Subject: Examination of the Proposal on the overdue submission of merger notification, for a change in the control over the company SYNERGAMENI PANTOPOLES S.A., from the sole control of the company ELLINIKA MARKETS S.A. in the (...)

The Slovak Competition Authority imposes a fine of €21M for gun jumping in the bakery market (Agrofert)
Slovak Competition Authority (Bratislava)
Slovakia 57 contributions 5558 visits
MERGERS: AMO SR imposed a fine of more than 20 million euros for the breach of obligation to notify a merger and for the breach of prohibition to exercise rights and obligations arising from the merger* On 29 June 2023 the Antimonopoly Office of the Slovak Republic, the Division of (...)

The Slovak Competition Authority imposes a record €21M fine on a bakery for acquiring two rivals without authorisation (Agrofert)
Van Bael & Bellis (Brussels)
Belgium 38 contributions 9518 visits
On 20 July 2023, the Slovak Competition Authority announced the imposition of a record €21 million fine on Agrofert for purchasing two Slovak bakeries in 2014 and 2016 without notifying either transaction or waiting for clearance. Agrofert is a Czech company that is active in a variety of (...)

The Albanian Competition Authority fines an oil company for failing to notify a merger within the deadline (Gega Oil / Genklaudis)
Albanian Competition Authority (Tirana)
Albania 4 contributions 374 visits
Press Releases* The Competition Commission, in its meeting dated 08.06.2023, imposed a fine of 5,000,000 (five million) ALL on Gega Oil Group SHA, as a result of the failure to notify within the deadline by Gega Oil Group SHA. . of the concentration realized through the absorption merger of (...)

The Mexican Competition Authority fines three water and waste management companies for failing to complete the procedure for the notification of concentrations (Engie / Suez / Veolia)
Mexican Competition Authority (Mexico City)
Mexico 135 contributions 26189 visits
Cofece fines three water and waste management and treatment companies with more than 11 million pesos for failing to complete the procedure for the notification of concentrations.* Cofece urges companies to respect the procedures established in the Federal Economic Competition Law. The (...)

The EU Commission approves a merger between two Swiss banks and permits a derogation from the standstill obligation (Credit Suisse / UBS)
European Commission - DG COMP (Brussels)
Belgium 1337 contributions 2820583 visits
Mergers: Commission approves the merger between Credit Suisse and UBS* The European Commission has approved unconditionally, under the EU Merger Regulation, the merger between Credit Suisse and UBS. The Commission concluded that the transaction would not raise competition concerns in the (...)

The EU Court of Justice AG Collins encourages the Court to dismiss a gun jumping appeal arguing that the Commission, inter alia, does not have to be transparent when fixing the amount of fines as that may undermine the deterring effect (Altice / PT Portugal)
White & Case (Düsseldorf)
Germany 36 contributions 14357 visits
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White & Case (Brussels)
Belgium 35 contributions 13123 visits
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White & Case (Brussels)
Belgium 4 contributions 774 visits
Advocate General Anthony Michael Collins has proposed that the European Court of Justice uphold the General Court’s Altice judgment. In his Opinion, he considered that the entering into certain types of pre-closing covenants by an acquirer may constitute gun-jumping, regardless of the absence (...)

The EU Court of Justice AG Collins urges the Court of Justice to dismiss an appeal to overturn a gun jumping fine of €124.5M in the telecommunications sector (Altice / PT Portugal)
Hogan Lovells (London)
United Kingdom 8 contributions 1188 visits
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Hogan Lovells (London)
United Kingdom 5 contributions 1906 visits
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Hogan Lovells (London)
United Kingdom 1 contribution 91 visits
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An EU Advocate General has advised that an appeal brought by Altice should be dismissed in its entirety – in effect confirming the validity of a 2018 European Commission decision imposing a record fine on Altice for breaching EU merger control rules in relation to its 2015 purchase of (...)

The Australian Competition Authority provides important new details on the proposed shake-up of Australia’s merger control laws
Ashurst (Brisbane)
Australia 5 contributions 575 visits
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Ashurst (Sydney)
Australia 9 contributions 2869 visits
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Ashurst (Sydney)
Australia 5 contributions 491 visits
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The ACCC continues to push for Australia to join the ’mandatory and suspensory’ merger control club, in common with the majority of other jurisdictions around the world What you need to know On 12 April 2023, the ACCC Chair, Gina Cass-Gottlieb, provided important new details about the ACCC’s (...)

The Australian Competition Authority Chair announces that the proposed merger law reform is critical for national economic transition
Australian Competition and Consumer Commission (Canberra)
Australia 392 contributions 82441 visits
Reform of merger laws critical for Australia’s economic transition* Australia’s merger laws are no longer fit for purpose and tilted too much towards allowing potentially anti-competitive mergers to proceed, ACCC Chair Gina Cass-Gottlieb said today. In a speech to the National Press Club (...)

The Australian Competition Authority refines its proposals for reforming the national merger regime
King & Wood Mallesons (Melbourne)
Australia 3 contributions 136 visits
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King & Wood Mallesons (Melbourne)
Australia 2 contributions 65 visits
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Slaughter and May (London)
United Kingdom 2 contributions 65 visits
While the ACCC continues to believe that Australia’s current merger laws aren’t fit for purpose, it appears to have refined its thinking on aspects of the proposals first unveiled in August 2021, following comments made by ACCC Commissioner Stephen Ridgeway during a keynote discussion at the (...)

The Austrian Cartel Court fines an asset and facility management company for two illegal acquisitions (ADOMO)
Austrian Competition Authority (Vienna)
Austria 63 contributions 7204 visits
Cartel Court fines ADOMO Beteiligungs GmbH for illegal merger in two cases at AFCA’s request* On 22 March 2023, the Cartel Court imposed fines of EUR 65,000 and EUR 85,000 (25 Kt 12/22 k and 24 Kt 9/22 m) on ADOMO Beteiligungs GmbH following a request submitted by the Austrian Federal (...)

The Turkish Competition Authority fines a tech entrepreneur for failure to notify the acquisition of a major social media company (Elon Musk / Twitter)
ACTECON (Istanbul)
Turkey 27 contributions 9518 visits
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ACTECON (Istanbul)
Turkey 12 contributions 2804 visits
The Turkish Competition Authority Fines Elon Musk due to Failure to Notify the Twitter Deal* On 06.03.2023, the Turkish Competition Authority (’TCA”) announced its decision to fine Elon Musk due to failure to notify the $44 billion deal to acquire Twitter. The TCA’s reasoned decision is not (...)

The Turkish Competition Authority fines a tech entrepreneur for gun jumping over the acquisition of a social media platform (Elon Musk / Twitter)
Turkish Competition Authority (Ankara)
Turkey 39 contributions 5399 visits
The Examination about the Acquisition of the Sole Control of Twitter Inc. by Elon R. MUSK concluded. (6.3.2023) (10.3.2023)* In the Competition Board meeting dated 02.03.2023, as a result of the ex officio examination of the acquisition of the sole control of Twitter Inc. by Elon R. MUSK (...)

The Mexican Competition Authority fines an IT manufacturing giant for gun jumping in the acquisition of a leading global provider of workplace collaboration solutions (HP / POLY)
Mexican Competition Authority (Mexico City)
Mexico 135 contributions 26189 visits
Cofece imposes a fine of 61.5 million Mexican pesos on two economic agents for failing to process all the steps of the concentration notification procedure* The concentration was authorized after verifying that it does not affect competition and free market access. Mexico City, March 1, (...)

The COMESA Competition Authority publishes a Revised Guidance Note to provide more clarity to merger filing and notification procedures
Primerio (Johannesburg)
South Africa 2 contributions 112 visits
COMESA clarifies merger procedure* COMESA Competition Commission’s Revised Guidance Note provides much-needed clarity to parties in avoiding fines for late merger notifications On 20 February 2023, the COMESA Competition Commission (“CCC”) published its “Revised Guidance on Engagement with (...)

The Brazilian Competition Authority approves the acquisition of the port assets of a shipyard by a ports operator (Atlântico Sul / APMT Terminals)
Brazilian Administrative Council for Economic Defense (CADE) (Brasilia)
Brazil 63 contributions 18154 visits
CADE approves acquisition of Atlântico Sul by APMT Terminals* The transaction was cleared unconditionally In the hearing of 8 February 2023, the Administrative Council for Economic Defense (CADE) approved the APMT Terminals acquisition of the total share capital of Atlântico Sul owned by (...)

The EU Court of Justice commences hearing on an appeal filed by a telecommunications firm against the General Court’s decision to uphold a record gun jumping fine of €124.5M (Altice / PT Portugal)
Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 1 contribution 63 visits
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Cleary Gottlieb Steen & Hamilton (Brussels)
Belgium 1 contribution 63 visits
Altice Defends its Appeal of the General Court’s Decision to Uphold Record Gun-Jumping Fine in a Hearing before the Court of Justice* On February 1, 2023, the Court of Justice held a hearing in Altice’s appeal against the General Court’s decision in 2021 to largely uphold the Commission’s (...)

The Spanish Competition Authority fines a mobile carrier €1.5M for executing an acquisition before filing a notification with the Competition Authority (Xfera Móviles)
Spanish Competition Authority (CNMC) (Madrid)
Spain 138 contributions 30082 visits
The CNMC fines Xfera Móviles, a subsidiary of Másmóvil, 1.5 million euros for executing an acquisition before notifying it.* The company bought Alma Telecom, which had its own geographic numbering to provide fixed call termination services. Companies are required by law to pre-notify their (...)

The Belgian Brussels Court of Appeal rejects a supermarket’s request to suspend a merger between two of its rivals due to gun jumping (Carrefour / Intermarché / Mestdagh)
Altius (Brussels)
Belgium 8 contributions 14443 visits
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Altius (Brussels)
Belgium 2 contributions 1609 visits
Introduction On 23 December 2022, the Brussels Court of Appeal (the Market Court) rejected Carrefour Belgium’s application for the suspension of the Belgian Competition Authority’s (BCA’s) decision of 9 November 2022, which authorised the concentration between Intermarché AB (ITM) and (...)

The Brazilian Competition Authority fines 2 car dealerships for gun jumping in the transfer of a franchise dealership (Grand Brasil / Bis Distribuiçã)
Brazilian Administrative Council for Economic Defense (CADE) (Brasilia)
Brazil 63 contributions 18154 visits
Grand Brasil and Bis Distribuição to pay BRL 2 million for gun jumping* The firms did not report a transaction to the Brazilian antitrust authority On 5 October 2022, the Administrative Council for Economic Defense (CADE) found the firms Grand Brasil and Bis Distribuição guilty of (...)

The Portuguese Competition Authority sanctions a pharmaceutical company €2.5M for gun jumping (Santa Casa da Misericórdia de Lisboa)
Portuguese Competition Authority (Lisbon)
Portugal 115 contributions 28817 visits
AdC sanctions Santa Casa da Misericórdia de Lisboa (SCML) for gun-jumping* The AdC’s Decision The Portuguese Competition Authority (AdC) sanctioned Santa Casa da Misericórdia de Lisboa (SCML) with a fine in the amount of € 2.500.000 for gun-jumping, specifically, for implementing the (...)

The Mexican Competition Authority sanctions five economic agents for gun jumping in the financial sector (Banco Invex / Institución de Banca Múltiple / INVEX Grupo Financiero / Neology)
Mexican Competition Authority (Mexico City)
Mexico 135 contributions 26189 visits
Cofece sanctions five economic agents for not notifying a concentration* The Commission imposed fines for a total amount of 1 million 884 thousand 966 Mexican pesos The concentration was authorized after verifying that it does not affect competition and free market access. Mexico City, (...)

The Georgian Competition Authority approves a merger between two teaching hospitals following a gun jumping fine (European University / Jo Ann University Hospital)
Georgian Competition Authority (Georgia)
Georgia 9 contributions 549 visits
The National Competition Agency approved the concentration of "European University" and "Jo Ann University Hospital"* The National Competition Agency approved the concentration of “European University” and “Jo Ann University Hospital.” The issue concerns - in April, the concentration was (...)

The Georgian Competition Authority initiates administrative proceedings for gun jumping in the fuel market (Sun Petroleum Georgia)
Georgian Competition Authority (Georgia)
Georgia 9 contributions 549 visits
The National Competition Agency has started administrative proceedings regarding the concentration implemented in the fuel market* The National Competition Agency of Georgia has launched administrative proceedings regarding the concentration implemented by “Sun Petroleum Georgia” (Gulf) in (...)

The Spanish Competition Authority fines two undertakings for gun jumping in three mergers (Santa Lucía / Funespaña)
Spanish Competition Authority (CNMC) (Madrid)
Spain 138 contributions 30082 visits
The CNMC fines Albia Gestión de Servicios S.L.U. and Funespaña S.A. for failing to notify three mergers prior to their execution* Albia (a subsidiary of the Santa Lucía Group) acquired exclusive control of the funeral homes Funeraria Tanatorio La Paz S.L. and Tanatorio de Marín S.L. in 2019. (...)

The EU Commission continues to pursue "gun jumping" merger control proceedings against two pharmaceutical companies on EU merger control referral thresholds (Illumina / Grail)
Van Bael & Bellis (Brussels)
Belgium 53 contributions 22829 visits
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Van Bael & Bellis (Brussels)
Belgium 154 contributions 52661 visits
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Van Bael & Bellis (Brussels)
Belgium 56 contributions 25423 visits
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On 20 August 2021, the European Commission (the Commission ) said that it would investigate whether Illumina’s decision, made public on 18 August 2021, to acquire Grail pending the Commission’s review of that transaction under Regulation 139/2004 on the control of concentrations between (...)

The EU Commission issues a Statement of Objections to two American firms which concluded a merger in defiance of the standstill obligation (Illumina / Grail)
European Commission - DG COMP (Brussels)
Belgium 1337 contributions 2820583 visits
Mergers: Commission alleges Illumina and GRAIL breached EU merger rules by early implementation of their acquisition* The European Commission has sent a Statement of Objections alleging that Illumina and GRAIL breached the EU Merger Regulation by implementing the acquisition while the (...)

The EU General Court opens a new path for the EU Commission to accept referrals under the new merger referral policy ruling in a case involving biotechnology companies (Illumina / Grail)
Van Bael & Bellis (Brussels)
Belgium 38 contributions 9518 visits
Following its success defending its new merger referral policy before the General Court in Illumina/Grail, the Commission has accepted a further two referrals under Article 22 of the EU Merger Regulation (“EUMR”) where the referring Member States did not have jurisdiction to review the (...)

The EU General Court declares that the Commission may review mergers that do not meet the relevant threshold set out in Article 22 of Council Regulation (EC) No 139/2004 provided that a Member State refers the merger to the Commission (Illumina / Grail)
Callol, Coca & Asociados (Madrid)
Espagne 170 contributions 46206 visites
The General Court (GC) has issued its judgment on case T-227/21 between Illumina, Inc., and the European Commission. This much awaited decision adjudicated on the issue of whether or not Article 22 of Council Regulation (EC) No 139/2004, on concentrations between undertakings (EUMR) empowers (...)

The EU General Court endorses the Commission’s new approach to Article 22 EUMR allowing the capture of mergers below the thresholds (Illumina / Grail)
Orrick, Herrington & Sutcliffe (Paris)
France 18 contributions 26117 visits
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Orrick, Herrington & Sutcliffe (Paris)
France 2 contributions 362 visits
In a judgment dated 13 July 2022 (T-227/21), the General Court of the European Union (the “General Court” or the “Court”) upheld the decision of the European Commission (the “Commission”) whereby the latter accepted to assert its (merger control) jurisdiction over the “below-the-thresholds” (...)

The EU General Court confirms the Commission may review a merger between two biotech companies even though the EU and national turnover thresholds are not reached (Illumina / Grail)
Van Bael & Bellis (Brussels)
Belgium 53 contributions 22829 visits
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Van Bael & Bellis (Brussels)
Belgium 154 contributions 52661 visits
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Van Bael & Bellis (Brussels)
Belgium 56 contributions 25423 visits
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Yesterday, the General Court of the European Union came down on the side of the European Commission (the Commission ) in that agency’s dispute with genomics firm Illumina and held that the Commission has jurisdiction to examine Illumina’s acquisition of cancer detection test start-up Grail, (...)

The EU General Court endorses the Commission’s revised approach to review transactions below EU and national merger thresholds via Article 22 EUMR referrals (Illumina / Grail)
Herbert Smith Freehills (Brussels)
Belgium 116 contributions 71731 visits
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Herbert Smith Freehills (Brussels)
Belgium 44 contributions 17641 visits
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Herbert Smith Freehills (London)
United Kingdom 59 contributions 21044 visits
In its judgment of 13 July 2022 the General Court endorsed the EU Commission’s revised approach to Article 22 EU Merger Regulation (EUMR) referrals as set out in its March 2021 Guidance. The case relates to an appeal brought by Illumina against the Commission’s decision to accept the referral (...)

The EU General Court rules that the Commission has the power to review a merger even though the turnover thresholds have not been triggered (Illumina / Grail)
McDermott Will & Emery (Brussels)
Belgium 49 contributions 9442 visits
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Allen & Overy (Brussels)
Belgium 22 contributions 5168 visits
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Allen & Overy (Brussels)
Belgium 13 contributions 4725 visits
In Illumina v Commission, the General Court has confirmed the authority of the European Commission (EC) under Article 22 EU Merger Regulation (EUMR) to examine a transaction that does not have a European dimension, but which is the subject of a referral request made by a Member State – even if (...)

The Georgian Competition Authority fines a teaching hospital for gun jumping (European University / Jo Ann University Hospital)
Georgian Competition Authority (Georgia)
Georgia 9 contributions 549 visits
NATIONAL COMPETITION AGENCY HAS FINED EDUCATIONAL INSTITUTION FOR NOT NOTITYING THE CONCENTRATION* The National Competition Agency has fined European University for not notifying the concentration. The case concerns the acquisition of “Jo Ann University Hospital” by the European University (...)

The EU General Court upholds a €28M fine on a Japanese multinational company for gun jumping in its acquisition of a company that provides medical imaging services (Canon / Toshiba Medical Systems Corporation)
General Court of the European Union (Luxembourg)
Luxembourg 62 contributions 29596 visits
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 (...)

The EU General Court rejects an appeal against a €28M fine imposed by the Commission for breach of EU gun jumping rules (Canon)
Shearman & Sterling (Brussels)
Belgium 21 contributions 10099 visits
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Shearman & Sterling (London)
United Kingdom 30 contributions 14038 visits
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Shearman & Sterling (London)
United Kingdom 23 contributions 14030 visits
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On 18 May 2022the European General Court rejected Canon’s appeal against a €28 million fine imposed by the European Commission in 2019 for its breach of EU gun-jumping rules, just a few months after a similar judgment therefore vindicating the Commission’s aggressive stance on such breaches. (...)

The EU General Court upholds a €28M fine for gun jumping in a two-stage transaction to acquire a medical imaging business (Canon / Toshiba Medical Systems)
Van Bael & Bellis (Brussels)
Belgium 38 contributions 9518 visits
On 18 May 2022, the General Court of the European Union (“GC”) rejected Canon’s appeal of a € 28 million gun jumping fine imposed by the European Commission (“Commission”) in 2019. The judgment is the latest in a string of Commission appellate victories regarding violations of merger control (...)

The Dutch Competition Authority fines a maker of modular homes €1.85M for failure to notify the Authority when acquiring another company (Modulaire)
Netherlands Authority for Consumers & Markets- ACM (The Hague)
Netherlands 207 contributions 35074 visits
Modulaire fined for failing to notify ACM of acquisition of competitor* The Netherlands Authority for Consumers and Markets (ACM) has imposed on Modulaire, a manufacturer of modular homes, a fine of 1.85 million euros for having failed to notify ACM on time of an acquisition. Martijn (...)

The Moroccan Competition Authority imposes its first-ever gun jumping fine on a Swiss construction and chemical firm (Sika Aktiengesellschaft)
Primerio (Washington)
United States 47 contributions 10425 visits
Gun-jumping in Morocco, Switzerland-style* In a relatively rare northwestern excursion on the continent, we are reporting today that the Moroccan competition authority (the Competition Council, or “CC”) based in Fez, which has operated only since late 2018, issued its first-ever gun-jumping (...)

The Spanish Competition Authority initiates three sanctioning proceedings against two funeral home companies for failing to notify acquisitions before execution (Albia / Funespana)
Spanish Competition Authority (CNMC) (Madrid)
Spain 138 contributions 30082 visits
The CNMC initiates three sanctioning proceedings for breach of the duty to notify mergers or acquisitions before executing them* The sanctioning proceedings affect Albia Gestión de Servicios, S.L.U. (a subsidiary of the Santa Lucía group), which acquired exclusive control of the funeral homes (...)

Gun jumping in mergers: An overview of EU and national case law
EssilorLuxottica (Paris)
France 3 contributions 3328 visits
This article provides an overview of gun jumping enforcement by the courts and the competition authorities in 2020 and 2021. After specular sanctions in the past years, defining a clear dissuasive policy against any infringement of merger control rules, 2020 and 2021 confirmed the stringent (...)

The Spanish Competition Authority imposes gun jumping fines on two funeral service providers for failing to notify transactions meeting the requisite market share threshold (Albia / Funespana)
Clifford Chance (Madrid)
Spain 1 contribution 58 visits
Companies should be cautious and carry out reasonable assessments prior to disregarding the need to notify a transaction based on the Spanish market share threshold Concentrations of business operations leading to a market share of 30% or more (or of 50% or more where the target’s Spanish (...)

The French Competition Authority fines an undertaking active in the spirits market for gun jumping (Cofepp / Marie Brizard Wine & Spirits)
French Competition Authority (Paris)
France 741 contributions 394984 visits
The Autorité fines Cofepp for acquiring control of MBWS without prior notification of the transaction and without waiting for its decision* Background The Autorité de la concurrence has fined Cofepp (Poliakov, Label 5, Cruz, Saint James, Old Nick, etc.) for acquiring control of Marie (...)

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)
White & Case (Paris)
France 1 contribution 326 visits
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White & Case (Paris)
France 10 contributions 3401 visits
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Schibsted (Oslo)
26 contributions 16902 visits
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On 12 April 2022, the FCA fined the Compagnie Financière Européenne de Prises de Participation ("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 (...)

The French Competition Authority fines a wine and spirits company €7M for gun jumping (Cofepp / Marie Brizard Wine & Spirits)
McDermott Will & Emery (Paris)
France 28 contributions 3966 visits
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McDermott Will & Emery (Paris)
France 32 contributions 7478 visits
By a decision dated 12 April 2022, the French Competition Authority (FCA) fined the Compagnie Financière Européenne de Prises de Participation (“Cofepp”) up to 7 million euros, for having closed the takeover of the company Marie Brizard Wine & Spirits (i) without first notifying the (...)

The French Competition Authority fines a wine and spirits company €7M for gun jumping (Cofepp / Marie Brizard Wine & Spirits)
University of Paris I Panthéon-Sorbonne
France 396 contributions 454371 visits
On 12 April 2022, the French Competition Authority (’FCA’) issued a 7 million euro fine to Cofepp for the acquisition of control over Marie Brizard Wine & Spirits (’MBWS’) before notifying the concentration to the FCA (failure to notify) and a fortiori without waiting for the FCA’s (...)

The Australian Competition Authority decides that it will not pursue an enforcement action in relation to the merger between a logistics company and a cargo port operator (Qube Logistics / Newcastle Agri Terminal)
Australian Competition and Consumer Commission (Canberra)
Australia 392 contributions 82441 visits
ACCC to monitor effect of Qube’s acquisition of Newcastle Agri Terminal* The ACCC has decided it will not pursue enforcement action in relation to Qube’s (ASX:QUB) completed acquisition of Newcastle Agri Terminal (NAT) at this time. However, the ACCC remains concerned with potential (...)

The Indian Competition Authority fines a renewable energy firm a nominal sum for gun jumping in a first-of-its-kind decision (Adani Green / SB Energy)
Khaitan & Co (Mumbai)
India 6 contributions 1623 visits
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University of Michigan Law School (Ann Arbor)
United States 1 contribution 509 visits
In its order dated 9 March 2022, the Competition Commission of India (“CCI”) penalized Adani Green Energy Limited (“Adani Green”) for gun jumping in connection with its acquisition of S.B. Energy Holding Limited (“SB Energy” / “Target”). Per the CCI, the central issue was of Adani Green (...)

The Indian Competition Authority fines a renewable energy firm for gun-jumping (Adani Green / SB Energy)
Lakshmikumaran & Sridharan (New Delhi)
India 84 contributions 8398 visits
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Lakshmikumaran & Sridharan (New Delhi)
India 92 contributions 10239 visits
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Samvad Partners (Mumbai)
76 contributions 7142 visits
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Adani Greens Energy Limited (“Adani Green/Acquirer”) was served with a show cause notice (“SCN”) on 14 August 2021 in relation to its acquisition of S.B. Energy Holding Limited (“S.B. Energy/Target”) (“Combination”). The notice for the Combination was filed on 18 May 2021, pursuant to the (...)

The Czech Competition Authority imposes fines on a management company for gun jumping (Natland)
Czech Competition Authority (Brno)
Czech Republic 47 contributions 6282 visits
A fine of CZK 1.435 Million was imposed on the undertaking Natland for Alleged "Gun Jumping"* The Office for the Protection of Competition (hereinafter referred to as “the Office”) imposed a fine of CZK 1 435 000 on the undertaking Natland Group, SE, for a concentration between undertakings (...)

The New Zealand Competition Authority files proceedings against a software company for continuing with a merger thought likely to be substantially lessening competition (Objective Corporation / Master Business Systems)
New Zealand Commerce Commission (Wellington)
New Zealand 171 contributions 23724 visits
Commission files proceedings against software company for breach of Commerce Act* The Commerce Commission has filed proceedings in the High Court in Wellington against software company Objective Corporation Limited (Objective) for contravening section 47 of the Commerce Act, which prohibits (...)

The Mexican Competition Authority sanctions a fruit and vegetables business for not notifying a concentration (Frutas y Hortalizas de Calidad)
Mexican Competition Authority (Mexico City)
Mexico 135 contributions 26189 visits
COFECE sanctions Frutas y Hortalizas de Calidad and a natural person for not notifying a concentration* The Commission imposed fines for a total amount of 2 million 345 thousand 760 Mexican pesos. The transaction will not have legal effects until, upon the corresponding payment of rights, they (...)

The US DoJ and FTC announce a joint effort to modernize the horizontal and vertical federal merger guidelines
Hogan Lovells (Washington)
United States 17 contributions 6994 visits
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Hogan Lovells (Washington)
United States 17 contributions 4442 visits
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Hogan Lovells (Washington)
United States 5 contributions 1045 visits
On 18 January 2022 the Department of Justice (DOJ) and Federal Trade Commission (FTC) held a press conference to announce a joint effort to modernize the horizontal and vertical federal merger guidelines “to better detect and prevent illegal, anticompetitive deals in today’s modern markets.” (...)

The New Caledonian Competition Authority sanctions a medical devices company for gun jumping (Médical Equipement / Handipharma)
New Caledonia Competition Authority (Noumea)
New Caledonia 26 contributions 2884 visits
Sanction of Médical Equipement in the amount of FCFP 9 million for failure to notify a concentration operation with Handipharma* In this decision n° 2022-DN-01 of January 10, 2022, the Autorité sanctions the lack of notification of the concentration operation relating to the acquisition by (...)