Brazil: Cisco and Technicolor accused of ‘gun jumping’

Brazilian competition regulator CADE has issued a ruling, declaring Cisco Systems Inc. and Technicolor SA liable for a combined fine totalling $30 million Reals ($7.3 million US), as penalty for failing to notify the regulator before completing a merger transaction, also known as ‘gun jumping’.

The case involves the sale of a Cisco Systems subsidiary to France’s Technicolor SA. The sale was under review by competition authorities from Brazil, as well as Canada, the United States, Colombia, The Netherlands and Ukraine. Records studied by CADE indicate the sale was completed on November 19th 2015, several days before CADE’s final ruling.

“Apart from this, CADE was aware of the situation thanks to other sources, with official notification being received only three days before the operation was announced to the press” said the Commissioner overseeing the case, Mr. Paulo Burnier.

Full content: CADE

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