General Electric: fined E52m by EU
(CercleFinance.com) - The European Commission announces that it has fined General Electric 52 million euros.
The EU considers that the group provided inaccurate information during the Commission's investigation, based on EU Merger Regulation, regarding GE's proposed takeover of LM Wind.
The Commission considers that this is a serious infringement because it prevented it from having all the relevant information for the purposes of assessing the transaction.
The Commission also considers that GE should have been aware of the relevance of this information for the Commission's assessment and its obligations under Regulations pertaining to mergers. As a result, GE's failure to comply with its procedural obligations is a serious offense, the Commission said.
Commissioner Margrethe Vestager, in charge of competition policy, said: "Our merger assessment and decision-making can only be as good as the information that we obtain to support it. Accurate information is essential for the Commission to take competition decisions in full knowledge of the facts."
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The EU considers that the group provided inaccurate information during the Commission's investigation, based on EU Merger Regulation, regarding GE's proposed takeover of LM Wind.
The Commission considers that this is a serious infringement because it prevented it from having all the relevant information for the purposes of assessing the transaction.
The Commission also considers that GE should have been aware of the relevance of this information for the Commission's assessment and its obligations under Regulations pertaining to mergers. As a result, GE's failure to comply with its procedural obligations is a serious offense, the Commission said.
Commissioner Margrethe Vestager, in charge of competition policy, said: "Our merger assessment and decision-making can only be as good as the information that we obtain to support it. Accurate information is essential for the Commission to take competition decisions in full knowledge of the facts."
Copyright (c) 2019 CercleFinance.com. All rights reserved.