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 of the transfer of shares. AG Collins emphasised the importance of deterrence when fixing the level of fine for gun-jumping, denying that there is a need for further transparency. The EC's record gun-jumping fine In April 2018, the European Commission (the "EC") issued [1] its largest fine to date for gun-jumping - a total of EUR 124.5 million - upon Altice, relating to its acquisition of PT Portugal. The EC imposed two separate fines: EUR 62.25 million for breaching the notification obligation
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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)
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