A PYMNTS Company

EU: EC fines General Electric in LM Wind merger case

By  |  April 8, 2019

The European Union announced Monday, April 8, it has fined US engineering giant General Electric €52 million (US$58.6 million) for providing incorrect information during a probe into its merger with LM Wind Power.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    But the European Commission, the EU’s executive arm, stated the decision, taken under competition rules, has no impact on its 2017 approval of the merger with the Danish supplier.

    “The fine imposed today on General Electric is proof that the Commission takes breaches of the obligation for companies to provide us with correct information very seriously,” EU Competition Commissioner Margrethe Vestager said.

    The Commission stated said “an overall fine of USD 58.4 million is both deterrent and proportionate” calling GE’s breach of its obligations a “serious infringement.”

    In January 2017, when GE notified the Commission of its merger plans, it stated said it was not developing any offshore wind turbine more powerful than an existing six megawatt turbine.

    But the Commission announced it had learned from a third party, which it did not identify, that GE was offering a 12-megawatt offshore wind turbine to potential customers. General Electric subsequently withdrew its notification and resubmitted its plans with “complete information,” the Commission stated.

    Full Content: Reuters

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