China's Ministry of Commerce (MOFCOM) fined Canon Inc 300,000 yuan ($43,130) for allegedly violating antitrust regulations with its acquisition of Toshiba Medical Systems Corp, the ministry said on Wednesday in a statement on its website.
In 2015, Canon and Toshiba Medical generated more than 2 billion yuan in combined revenue, which reached the standard of declaration of concentration of business operators in China, according to the statement.
But the companies "did not declare in line with relative regulations" and the acquisition "did not have an outcome of precluding and restricting competition," the statement said.
Based on the country's antitrust regulations, MOFCOM decided to fine Canon. If the company refuses to accept the decision, it has 60 days to appeal to the ministry. It can also file for administrative action at the Beijing Second Intermediate People's Court within six months, according to MOFCOM.
On March 9, 2016, Toshiba Corp granted Canon exclusive negotiating rights for its medical equipment unit after a competitive auction, with a report putting Canon's offer at more than 700 billion yen ($6.2 billion), said media reports.
Toshiba Medical began expanding its business in China in 1982 and mainly engaged in the sale of diagnostic imaging equipment, according to information from the company's website.
