Canon faces €28 million fine for breaking EU merger rules

EPA PHOTO/EPA/ADRIAN BRADSHAW

Workers clean the shop sign for one of the repair stations for Canon Camera Company Beijing 10 July 2003. Canon recently ousted Sony to become the third largest company listed on the Tokyo Stock Exchange. China is not only the largest production base for the photo and electronics giant which last year exported over 1billion Euros from nine wholly owned and four joint venture manufacturing facilities. Last September 10 Canon CEO Fujio Mitarai announced they were preparing to move their Asian headquarters to China.

Canon faces €28 million fine for breaking EU merger rules


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The European Commission has fined Canon, the Japan-based imaging and optical products manufacturer, €28 million for implementing its acquisition of Toshiba Medical Systems Corporation before notification to and approval by the Commission, in breach of EU Merger control rules.
The decision has no impact on the Commission’s decision to authorize the transaction under the EU Merger Regulation, because the assessment of the Commission at the time was independent of the facts reproached by the Commission.

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