EC Interested in Competitive Implications of Common Shareholdings by Institutional Investors. In its Dow/DuPont analysis, the EC stated that significant common shareholding likely “negatively affect[s] the benefits of innovation competition.” This statement, along with a recent economic study on this issue, suggests that the EC is taking a greater interest in the potential implications of common ownership.
EC Reviews Cases Where Parties Provide Incomplete Information in Merger Notification. The EC recently fined Facebook €100 million for providing misleading information in the EC’s review of its acquisition of Whatsapp. Several other similar cases suggest this will be an area of interest moving forward.
Increased Focus on Gun-Jumping Violations in Europe. In France, telecom operator Altice was fined €80 million for procedural and substantive gun jumping. In addition, the EC fined Marine Harvest EUR 20 million for procedural gun jumping—which was upheld on appeal by the EU General Court.