Salmon processing plant belonging to Morpol. (Photo: Morpol)
EU Court confirms fine to Marine Harvest for Morpol acquisition
(EUROPEAN UNION, 10/26/2017)
The General Court of the European Union (EU) confirmed the European Commission's initial decision concerning Morpol acquisition process by Marine Harvest. This implies that the European Court considers that the latter has breached the provisions of the European Merger Control Regulations and must pay a fine of EUR 20 million.
On July 23, 2014 the European Commission informed it had decided to impose that fine on salmon farmer and processor Marine Harvest ASA for having acquired its rival Morpol ASA, both from Norway, without having received prior authorisation under the EU Merger Regulation.
The European Executive concluded that Marine Harvest should have been aware of its obligations to notify and await clearance from the Commission before proceeding with the acquisition.
Through a statement, Marine Harvest expressed its disappointment by the outcome and by the fact that its arguments presented to the General Court have not been accepted.
The firm informs now that it will now together with its legal advisor conduct a judicial review of the judgment and decide if the judgment shall be appealed to the EU Court of Justice.
If an appeal is lodged, a final non-appealable judgment is expected to be made at the end of 2018.
Meanwhile, Marine Harvest has already recognized a provision of EUR 20 million in the financial statements.
Related article:
- Marine Harvest buys 48.5 per cent of Morpol
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Information of the company:
Address:
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Stortingsgaten 8
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City:
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Oslo
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State/ZIP:
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(N-0161)
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Country:
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Norway
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Phone:
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+47 21 56 20 00
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Fax:
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+47 21 56 20 01
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E-Mail:
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[email protected]
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