Clifford Chance
€20 million: the going rate for gun-jumping fines under the EU Merger Regulation [Japanese version]
14 November 2014
The European Commission (EC) has imposed a fine of €20 million on Marine Harvest (MH) for implementing its acquisition of Morpol prior to receiving clearance under the EU Merger Regulation (EUMR). The amount of this fine is identical to the previous gun-jumping fine, imposed by the EC on Electrabel in 2009. It seems that MH had mistakenly relied on an exception to the EUMR's prohibition on implementation prior to clearance that applies to acquisitions of listed securities.
