Marine Harvest is considering an appeal.
According to a stock exchange announcement, Marine Harvest has been informed by the General Court (EU) that the European Commission’s initial decision to fine the company of €20m has been upheld.
The General Court concluded that Marine Harvest has violated EU regulations, when it aquired its rival Morpol, without having received prior authorisation under the EU Merger Regulation.
Marine Harvest implemented the acquisition eight months before the formal notification to the Commission took place, and over nine months before the EU Commission authorised it.
This constituted a serious infringement of the merger control rules, according to the EU commission, and led to the imposition of the fine, in 2014.
“Marine Harvest is disappointed by the outcome and that our arguments presented to the General Court have not been accepted,” the company stated in the announcement.
Marine Harvest added they are now going over the verdict to assess a possible appeal. If they choose to appeal, a judgment will be available by the end of next year.
Marine Harvest announced in the stock exchange announcement that the company has already made a provision of €20m in the financial statements.