The European Commission fined the US industrial group General Electric (GE) of 52 million euros for providing incorrect information about the acquisition of the Danish engineering company LM Wind Power.
The deal worth 1.5 billion euros was announced in the autumn of 2016. When applying for approval from Brussels, GE appeared to have provided incorrect information about its own windmill capacities. GE then came up with the complete information, after which the commission approved the transaction in March 2017.
Commissioner Margrethe Vestager (competition) stated that correct information is necessary for the committee to be able to make good competition decisions.
“The fine imposed on GE today is proof that the commission takes violations of the duty of companies to provide us with correct information very seriously.”