Salem Radio Network News Wednesday, October 20, 2021

Science

EU court backs Altice’s million-euro fine in gun-jumping merger deal

BRUSSELS (Reuters) – Europe’s second-highest court on Wednesday rejected French telecoms provider Altice’s challenge against a 125-million-euro ($146.7 million) fine imposed by EU antitrust regulators for closing its PT Portugal deal early six years ago.

The Luxembourg-based General Court however reduced the fine by 6.22 million euros because Altice had told the European Commission of its bid and after signing the deal had requested the EU competition enforcer to allocate a team to review the case.

Gun jumping is a major offence under EU merger rules, with fines for violations up to 10% of a company’s global turnover

The case is T-425/18 Altice Europe v Commission.

($1 = 0.8522 euros)

(Reporting by Foo Yun Chee)

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