EU Fines Canon €28M For Skirting Toshiba Deal Reporting
Law360 (June 27, 2019, 3:45 PM EDT) -- European Union antitrust authorities finished their long-running probe of Canon Inc.'s $6 billion purchase of Toshiba Corp.'s medical systems unit Thursday with a €28 million ($31.8 million) fine for deliberately skirting merger reporting obligations, a far steeper penalty than the collective $5 million fine levied against both companies by U.S. officials.
The European Commission couched the fine against Canon in different terms than the Federal Trade Commission and U.S. Department of Justice, which said the companies structured their deal specifically to ensure that Toshiba could recognize the proceeds from the sale of Toshiba Medical Systems Corp. before the close of its...
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