Neodyum Miknatis
maderba.com
implant
olabahis
Casino Siteleri
canli poker siteleri meritslot
escort antalya
istanbul escort
sirinevler escort
antalya eskort bayan
brazzers
Short Reads

European Commission imposes record fine on Altice for premature implementation of PT Portugal acquisition

European Commission imposes record fine on Altice for premature imple

European Commission imposes record fine on Altice for premature implementation of PT Portugal acquisition

01.05.2018 NL law

On 24 April 2018, the European Commission announced that it had imposed a fine of EUR 124.5 million on Altice for acquiring control of PT Portugal before clearance by the Commission ('gun-jumping'). The fine is more than six times the amount which was previously imposed by the Commission for similar offences [see our November 2017 Newsletter for a discussion of the Marine Harvest case]. The Commission's recent enforcement actions against gun-jumping violations highlight the importance of strict competition law compliance during M&A transactions.

In February 2015, Altice notified the Commission of its plans to acquire PT Portugal. During its review, the Commission came to suspect that Altice may have breached the EU Merger Regulation by violating both the notification and the standstill obligations [see our June 2017 Newsletter]. Under the EU Merger Regulation, a merger or an acquisition should be notified to the Commission and should not be implemented unless it has been cleared.

In its press release, the Commission concluded that Altice was in a position to use its veto rights in the purchase agreement to exercise decisive influence over PT Portugal's ordinary business before clearance. Moreover, the Commission found that Altice actually exercised such influence by instructing PT Portugal on how to conduct a marketing campaign. In an earlier statement, Competition Commissioner Margrethe Vestager had characterised Altice's behaviour as follows: "It appears that Altice had already been acting as if it owned PT Portugal. It seems that it gave instructions on how to handle commercial issues, such as contract negotiations."

The Commission has recently opened several investigations relating to potential 'gun-jumping' violations [see our August 2017 Newsletter]. Following the record fine for Altice, companies envisaging a M&A transaction are well-advised to check that veto rights in the purchase agreement do not interfere with ordinary business decisions of the target company and that information exchanges fall within the framework of a non-disclosure agreement.

This article was published in the Competition Law Newsletter of May 2018. Other articles in this newsletter:

  1. European Court of Justice provides guidance on assessing discriminatory pricing
  2. Germany did not err in extraditing an Italian citizen to the US for a competition law infringement
  3. European Commission proposes draft Regulation on online platforms and search engines
  4. District Court of Amsterdam rules on requests for pre-procedural hearings
  5. Rotterdam District Court quashes cartel fines imposed by the ACM on cold storage operators

Team

Related news

07.01.2021 NL law
(Geo)blockbuster: Canal+ ruling annuls commitment decision

Short Reads - A heads-up for companies seeking to settle in antitrust proceedings: commercially-affected third party complainants are not to be ignored. The Canal+ judgment marks the first time a commitment decision has been successfully challenged since the adoption of Regulation 1/2003. The European Court of Justice annulled the commitment decision on the ground that the Commission failed to take into account the rights of contractual parties affected by the commitments.

Read more

07.01.2021 NL law
Commission evaluates Antitrust Damages Directive: to be continued

Short Reads - On 14 December 2020, the Commission published a report on the implementation of the Antitrust Damages Directive (the Directive). The Commission observes a significant increase in antitrust damages actions since the adoption of the Directive. However, there is insufficient experience with the new Directive to properly evaluate its application. Instead, the Commission provides a concise overview of the implementation of some key aspects of the Directive.

Read more

07.01.2021 NL law
Amsterdam District Court puts a halt to unlimited forum shopping

Short Reads - On 25 November 2020, the Amsterdam District Court (the Court) declined jurisdiction over all non-Dutch defendants (the foreign defendants) in proceedings for compensation of damage based partly on an infringement of Article 101 TFEU. The proceedings were initiated by four public utility companies from the Gulf States (claimants) against both Dutch and foreign defendants.

Read more

07.01.2021 NL law
ACM study calls for regulation of Big Techs on payment market

Short Reads - The ACM’s market study, published on 1 December 2020, provides an overview of recent and upcoming developments concerning the role of Big Tech companies in both online and offline payment markets in the Netherlands. Although Big Tech companies currently have a relatively limited presence in these markets, the ACM expects significant expansion in the near future given these companies’ ability to leverage existing market power on other (platform) markets.

Read more

07.01.2021 NL law
Do the math: ACM publishes strategy on monitoring use algorithms

Short Reads - The ACM worries that the use of algorithms may lead to the creation of cartels, or nudge consumers towards a purchasing decision that is not in their best interest. Therefore, on 10 December 2020, it published a new policy document (in Dutch) setting out what businesses can expect when the ACM checks their algorithms. On the same day, the ACM also launched a trial with online music library Muziekweb to improve the ACM’s knowledge about the categories of data that are likely to be relevant in such investigations. All signs indicate the ACM’s intention to become more active in this area.

Read more