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.
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
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