Clifford Chance

EU General Court upholds Canon's gun jumping fine for "warehousing" transaction

14 June 2022

The General Court of the EU has upheld the €28 million fine imposed by the European Commission against Canon in 2019 for partially implementing its acquisition of Toshiba Medical Systems Corporation prior to receiving clearance under the EU Merger Regulation (EUMR). The General Court's judgment sheds only limited new light on where to draw the line between permissible "preparatory" steps and those which contribute to a change of control. It does, however, confirm the Commission's long-standing position that warehousing arrangements cannot be used to circumvent the EUMR's standstill obligation.

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