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    7751   JP3242800005

CANON INC.

(7751)
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Delayed Japan Exchange  -  02:00 2022-06-24 am EDT
3169.00 JPY   -1.43%
06/232ND QUARTER OF 2022 FINANCIAL RESULTS ANNOUNCEMENT IS SCHEDULED FOR RELEASE AT 15 : 00 (Tokyo time) on July 26, 2022
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Canon loses court challenge against EU fine over 2016 acquisition

05/18/2022 | 06:04am EDT
People are silhouetted against a display of the Canon brand logo at the CP+ camera and photo trade fair in Yokohama

BRUSSELS, May 18 (Reuters) - Japanese camera and printer maker Canon lost its challenge against a 28 million euros ($29.4 million) EU fine on Wednesday after Europe's second-top court upheld the sanction imposed for jumping the gun in a 2016 acquisition.

Companies which close a deal without first securing EU regulatory approval or provide misleading information during the regulatory review can face fines up to 10% of their aggregated turnover under EU merger rules.

The European Commission in its 2019 decision said Canon breached the rules by using a so-called "warehousing" two-step transaction structure involving an interim buyer to purchase Toshiba Corp's medical unit before gaining regulatory clearance.

The unorthodox method allowed Toshiba, which was struggling for cash after an accounting scandal, to book proceeds in time for the financial year-end ending in March.

The Luxembourg-based General Court backed the EU competition enforcer's finding.

"The (European) Commission was therefore right to observe that the Court's case-law distinguishes between the concepts of 'concentration' and 'implementation of a concentration'," judges said.

In a recent gun-jumping case, the EU competition watchdog ordered U.S. life science company Illumina's to keep cancer detection test maker Grail Inc as a separate company after the former completed the deal while still waiting for the regulatory green light. The case is still pending.

The Commission has in recent years handed out stiff fines to Meta, General Electric and German drugmaker Merck KGaA for giving misleading information during reviews of their deals.

The case is T-609/19 Canon V Commission.

($1 = 0.9515 euros) (Reporting by Foo Yun Chee; editing by David Evans)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CANON INC. -1.43% 3169 Delayed Quote.14.78%
GENERAL ELECTRIC COMPANY 4.70% 67.08 Delayed Quote.-28.99%
ILLUMINA, INC. 0.20% 193.93 Delayed Quote.-49.02%
META PLATFORMS, INC. 7.19% 170.16 Delayed Quote.-49.41%
TOSHIBA CORPORATION -0.11% 5690 Delayed Quote.20.42%
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Financials
Sales 2022 3 872 B 28 663 M 28 663 M
Net income 2022 255 B 1 891 M 1 891 M
Net cash 2022 246 B 1 824 M 1 824 M
P/E ratio 2022 12,9x
Yield 2022 3,64%
Capitalization 3 265 B 24 164 M 24 164 M
EV / Sales 2022 0,78x
EV / Sales 2023 0,73x
Nbr of Employees 184 034
Free-Float 76,0%
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Number of Analysts 14
Last Close Price 3 169,00 JPY
Average target price 3 425,00 JPY
Spread / Average Target 8,08%
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Fujio Mitarai Chairman & President
Toshizo Tanaka Senior MD GM-Policy & Economic Survey
Toshio Homma Manager-Copier Development Center
Yoichi Iwabuchi GM-Information & Communication Systems
Shunsuke Inoue General Manager-Research & Development
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