Spain Fines VeriFone For Finalizing $485M Merger Before OK

Law360, New York (October 31, 2012, 2:55 PM EDT) -- Spain’s antitrust watchdog on Wednesday leveled a €286,000 ($371,600) fine against VeriFone Systems Inc., saying the point-of-sale system maker failed to give it proper notification of its plans for a $485 million merger with rival Hypercom Corp.

VeriFone told the agency about the combination in November 2011, three months after it had already completed the merger, according to the country’s National Competition Commission, known as the CNC. Without giving authorities advance notice and waiting for their go-ahead, VeriFone breached a Spanish antitrust regulations, the agency said....
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