EU Commission Is Getting Tough On 'Gun-Jumping' Mergers

Law360 (August 27, 2019, 1:42 PM EDT) -- The European Commission has recently hit the Japan-based imaging and optical products manufacturer Canon Inc. for breaching the standstill obligation, otherwise known as "gun-jumping." That relates to company acquisitions that fall under European merger control law only being implemented if notified to, and approved by, the commission.

In June 2019, the commission fined Canon €28 million for partially implementing the acquisition of control over Toshiba Medical Systems Corporation[1] back in 2016 without prior approval, by acquiring control through a so-called "warehousing" structure. The commission considered this to be a step over the red line of transaction implementation. Under European law, "control"...

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