Belgium: Duty to suspend a concentration before clearance
Thursday, 1 October 1998
Featured In: October / November 1998 (Vol. 1 Iss. 5)
Taken with Amylum, Bodycote means that Article 12§4 permits the transfer of shares, but not the exercise of the attached voting rights.
However, in Bodycote, the Council imposed a fine of only Bfr1 million (approximately US$28,000) on the acquirer, a long way short of the maximum fine provided in the law for breach of the duty to suspend (up to 10 per cent of the parties’ turnover).
In addition, the precise meaning of Article 12§4 in relation to concentrations effected through a transfer of assets remains unclear.
Vincent Dirckx
Freshfields Deringer
Brussels
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