Gun jumping: The General Court of the European Union upholds the European Commission’s decision sanctioning for the first time the existence of a breach of the notification and standstill obligations in the context of a single concentration involving a holding company (Canon)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. On May 18, 2022, the General Court of the European Union delivered its judgment in case T-609/19 (Canon v. European Commission). Dismissing the action brought by the Japanese company Canon against the Commission's decision of 27 June 2019 the Court of First Instance confirms the two fines totalling EUR 28 million imposed by the Commission for having partially implemented its acquisition of Toshiba Medical Systems Corporation (TMSC), a subsidiary of Toshiba, prior to the notification of the transaction and therefore prior to obtaining clearance under merger control. For this acquisition, Canon used a two-step transaction structure known as "carry"