EU: Fish farmers hit with penalties for merger haste

Norway-based fish farmers Marine Harvest have been fined millions of dollars by the European Commission for consummating a merger before securing antitrust clearance.

According to reports, the Commission issued a fine of $27 million on the company, the world’s largest fish farmer with about one-fifth of the global market share. The company had acquired Morpol, based in Poland, in 2012.

But in a statement, the Commission said the company “should have been aware of its obligations to notify and await clearance from the Commission before proceeding with the acquisition.”

Marine Harvest, however, said it disagreed with the ruling and would likely contest the Commission’s decision.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.