Marine Harvest says it did not violate EU laws in Morpol acquisition after hit with $26 million fine
SEAFOODNEWS.COM by Michael Ramsingh - July 23, 2014
Marine Harvest plans to challenge a fine levied by the European Commission for violating merger and acquisition laws, claiming it acted in accordance with EU regulations in a deal to take over Morpol.
This week the Commission fined the major Norwegian salmon producer US$26 million (EU20 million) accusing Marine Harvest of violating the EU Merger Regulation when it acquired a 48.5 percent stake in Morpol on December 18, 2012. The Commission said Marine Harvest failed to receive prior authorization and said the company should have been aware of its obligation to notify and await clearance before it proceeded with the acquisition.
According to the Merger Regulation, mergers and acquisitions with an EU dimension (in particular because they meet certain turnover thresholds) must be notified to and authorized by the Commission before they are implemented...
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