According to a report by Reuters, the EU’s antitrust regulator is s set to hit French telecoms and cable group Altice with a hefty fine for concluding its 2015 acquisition of PT Portugal without first waiting for official approval.
The European Commission, which accused Altice of the violation in May last year, can impose fines up to 10% of a company’s global turnover for breaching EU rules. The company posted €23.4 billion (US$29 billion) in revenues last year.
France’s competition regulator imposed an €80 million (US$99 million) fine on Altice two years ago for engaging in plans to buy SFR and Virgin Mobile before getting the necessary clearance.
The Commission last year also charged Merck and Sigma-Aldrich, General Electric, and Canon with breaching EU procedural rules in their respective merger deals. Rulings are expected in the coming months.
Full Content: Reuters