MH faces €20M fine

Marine Harvest remains of the opinion that it acted in accordance with the requirements of the exception applying to public takeovers in its acquisition of Morpol and thus disagrees with the Commission on the applicability of a fine.

The take-over of Morpol was structured as an acquisition of the initial shareholding followed by an immediate mandatory offer. Marine Harvest made it clear to both the market and Morpol that no control would be taken before the acquisition had been cleared by the EU.

The company asserts that it notified the Commission immediately following the acquisition and loyally adhered to the principle of not exercising its shareholders rights in Morpol until the Commission had cleared the transaction. The company has also, throughout the period of the Commission's review, cooperated fully with the Commission.

Marine Harvest also notes that the size of the fine appears to deviate significantly from similar cases where fines have been applied by the Commission.

Marine Harvest will now carefully consider the options available to it. It appears, however, more likely than not that the decision to fine the company will be referred to the EU courts.