Brussels, 24/07/2014 (Agence Europe) - The European Commission has imposed a fine of €20 million on Norwegian salmon farmer and processor Marine Harvest ASA for acquiring its rival Morpol ASA, also of Norway, without having received prior authorisation under the EU merger regulation.
The Commission states that its “prior scrutiny is a key safeguard that protects direct customers and final consumers from the harm that anticompetitive mergers could create - through higher prices, lower product quality, or fewer incentives to innovate”. Marine Harvest bought control of Morpol eight months before it formally notified the deal to the Commission and nine months ahead of its authorisation. By acquiring a 48.5% stake in Morpol on 18 December 2012, Marine Harvest had acquired de facto sole control over Morpol, enjoying a stable majority at the shareholders' meetings because of the wide dispersion of the remaining shares and previous attendance rates, says the Commission.
On 30 September 2013, the European Commission gave conditional clearance to Marine Harvest's plans to buy up Morpol. Marine Harvest pledged to sell off most of Morpol's salmon farming business in Scotland in order to dissipate the Commission's concerns. (EL)