On Thursday 27 June, the European Commission imposed a €28 million fine on Canon for completing its acquisition of Toshiba Medical Systems Corporation (TMSC) before it was notified to and authorised by the institution.
In August 2016, Canon notified the Commission of its intention to acquire TMSC, which was authorised the following month. To complete this transaction, Canon went through a “warehousing” two-step transaction structure, including the involvement of an interim buyer.
The first step was carried out before the Commission was notified and, therefore, before the authorisation. This is what the institution criticised the company for in a statement of objections in July 2017 (see EUROPE 11824/15), then in a supplementary statement of objections in November 2018.
On 27 June, the Commission concluded that the two stages of the transaction structure together formed a single notifiable concentration and that, by carrying out the first stage, Canon had partially implemented the operation before the notification and authorisation. As a result, the company has violated EU law and is obliged to pay €28 million.
Finally, the Commission adds that this decision has no impact on the operation authorised almost 3 years ago. (Original version in French by Lucas Tripoteau)