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Extracts from the EC Midday press briefing by Jonathan Todd, Spokesperson of Neelie Kroes, on a fine of 20 million euros on Electrabel for having acquired control of Compagnie Nationale du Rhône without prior EC approval

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On 10 June, at a EC press briefing, Jonathan Todd, Spokesperson of Neelie Kroes, Member of the EC in charge of Competition, announced that the European Commission decided to impose a fine of 20 million euros on Electrabel, an electricity producer and retailer belonging to the Suez Group (now GDF Suez) for acquiring control of Compagnie Nationale du Rhône (CNR), another electricity producer, without having received prior approval under the EU Merger Regulation. The Commission concluded that the infringement lasted for a significant period and that Electrabel should have been aware of its obligation to receive Commission approval before proceeding with the acquisition. According to the Commission, Electrabel is a large company with experience in EU merger procedures and should have known that the 2003 transaction resulted in an acquisition of control requiring notification to the Commission under the EU Merger Regulation.
SHOTLIST INFO PRESS MEMO

Type: EbS   Reference: 64186   Date: 10/06/2009   Duration: 00:02:55
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