The EU General Court upholds the Commission’s decision to fine two telecommunication companies (Altice / PT Portugal)

On 22 September 2021, the EU General Court upheld the European Commission's decision to impose two separate fines for breaching gun-jumping rules contrary to the EU Merger Regulation (the "EUMR") by: (i) failing to notify a transaction to the European Commission; and (ii) implementing a transaction prior to obtaining a clearance decision. Key takeawaysThe notification obligation under Article 4(1) of the EUMR and the standstill obligation under Article 7(1) of the EUMR pursue different objectives and can lead to distinct fines.Provisions in share purchase agreements should be carefully reviewed to ensure that they do not confer decisive influence beyond what is necessary to preserve the value of the target business.Parties to an M&A transaction must continue to conduct themselves