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EU fines General Electric

Brussels - The Commission has fined General Electric €52 million for providing incorrect information on its planned acquisition of LM Wind, the leading American supplier of blades to the offshore and onshore wind industry

Brussels - The European Commission has fined General Electric €52 million for providing incorrect information during the Commission’s investigation under the EU Merger Regulation of GE’s planned acquisition of LM Wind, the leading American supplier of blades to the offshore and onshore wind industry.

“Our merger assessment and decision-making can only be as good as the information that we obtain to support it,” said Margrethe Vestager, the European commissioner for competition. “Accurate information is essential for the Commission to take competition decisions in full knowledge of the facts. 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.”

The EU Merger Regulation obliges companies in a merger investigation to provide correct and non misleading information. This is essential for the Commission to review mergers and takeovers in a timely and effective manner.

On 11 January 2017, GE notified its proposed acquisition of LM Wind. In this notification, GE stated that it did not have any higher power output wind turbine for offshore applications in development, beyond its existing 6 megawatt turbine. However, through information collected from a third party, the Commission found that GE was simultaneously offering a 12 megawatt offshore wind turbine to potential customers.

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