The General Court dismisses the action brought by Canon, which was fined € 28 million by the Commission for failure to comply with merger control rules in its acquisition of Toshiba Medical Systems Corporation

(Source: Court of Justice of the European Union)

In 2016, Canon Inc (‘the applicant’), a Japanese multinational company specialising in the manufacture of optical and image processing products, took over Toshiba Medical Systems Corporation (TMSC), a wholly-owned subsidiary of Toshiba Corporation (‘Toshiba’).

That acquisition was carried out in two steps, through a securitisation vehicle (MS Holding) created specifically for that purpose. In the first step, on 17 March 2016, MS Holding acquired certain voting shares in TMSC for approximately € 800, while the applicant, in consideration for
payment of the full price agreed for the purchase of TMSC (approximately € 5.28 billion), acquired call options on all the remaining voting shares in TMSC. In addition, the applicant acquired the one non-voting share in TMSC for approximately € 40 (‘the interim transaction’).

More information 

Privacy Preferences
When you visit our website, it may store information through your browser from specific services, usually in form of cookies. Here you can change your privacy preferences. Please note that blocking some types of cookies may impact your experience on our website and the services we offer.