By Foo Yun Chee BRUSSELS, Dec 10 (Reuters) – French media conglomerate Vivendi made a last-ditch effort on Wednesday to stave off a potential EU antitrust fine, following charges it closed its acquisition of publisher Lagardere before receiving regulatory approval. Vivendi, represented by more than a dozen lawyers, made its case to senior competition officials […]
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Vivendi in last ditch effort to avert EU fine for closing Lagardere deal too soon
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By Foo Yun Chee
BRUSSELS, Dec 10 (Reuters) – French media conglomerate Vivendi made a last-ditch effort on Wednesday to stave off a potential EU antitrust fine, following charges it closed its acquisition of publisher Lagardere before receiving regulatory approval.
Vivendi, represented by more than a dozen lawyers, made its case to senior competition officials and lawyers at the European Commission as well as French antitrust officials at a day-long closed hearing. Lagardere’s lawyers were also present.
All the participants declined to comment.
The Commission, which acts as the EU competition watchdog, in its July charge sheet said Vivendi breached the standstill obligation set out in the bloc’s merger rules.
The company, which has rejected the charges, risks a fine of as much as 10% of its global annual revenue if found guilty of breaking EU rules.
The Commission, which takes a tough line against procedural violations and has handed out stiff fines in recent years, is set to issue its decision next year.
It cleared the Lagardere deal prior to opening the investigation.
(Reporting by Foo Yun Chee; Editing by Kirsten Donovan)