French Competition Authority Imposes Record Fine For Gun Jumping

This week, the French Competition Authority ("FCA") imposed a EUR 80 million fine on the Altice Group, a major French telecommunications operator, for implementing two transactions before approval by the FCA (so-called "gun jumping"). The full text is not yet available, but this decision already appears noteworthy for two main reasons. First, the infringing behavior did not consist in Altice's failure to notify the transaction to the authorities. Altice had complied with this obligation. The violation consisted in Altice taking steps to exercise a decisive influence on the targets before notifying and before approval by the FCA. This confirms that merging companies should be patient and careful when designing and rolling out integration plans – until approval by the competent antitrust authorities and even until the closing of the transaction. Second, the magnitude of the fine imposed proves that fines for gun-jumping can skyrocket, especially where the value of the