Canon, which faces serious challenges in digital products, has suffered in the medical device field. On January 4, the Ministry of Commerce issued an administrative penalty decision saying that Canon’s acquisition of Toshiba Medical constituted a concentration of operators who did not legally declare illegal implementation, but did not have the effect of eliminating or restricting competition, and decided to impose an administrative penalty of 300,000 yuan on Canon’s fine. . After experiencing the decline of the two pillars of digital and composite machines in the Chinese market, Canon bet on China's medical device market and spent a huge amount of money to acquire Toshiba Medical at the end of last year. However, it has not been punished by the Ministry of Commerce for this business. The shadow of Canon's future business has been cast a shadow.
The Administrative Punishment Decision issued by the Ministry of Commerce shows that the Ministry of Commerce acquired Toshiba Medical System from Canon Inc. on October 21, 2016 in accordance with the Anti-Monopoly Law and the Interim Measures for the Unconventional Reporting of Operators. All the shares of the company were allegedly not investigated in accordance with the law. During the investigation, the Ministry of Commerce repeatedly talked about Canon, asked for relevant documents and materials, and fully listened to Canon's opinions.
After investigation, Canon's acquisition of Toshiba Medical constitutes a concentration of operators who have not legally declared illegal implementation, but does not have the effect of eliminating or restricting competition. According to the punishment, the transaction involved in the case was the acquisition of the entire share capital of Toshiba Medical. Although the transaction is divided into two steps, the two steps are closely related, which is an integral part of Canon's acquisition of the entire equity of Toshiba Medical, which constitutes the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law. The turnover of Canon and Toshiba Medical in China in 2015 exceeded RMB 400 million, and the total amount exceeded RMB 2 billion, reaching the reporting standard stipulated in Article 3 of the “Regulations of the State Council on the Standards for the Concentration of Operatorsâ€. On March 17, 2016, all the shares and new share subscription rights of Toshiba Medical have been transferred, and all the corresponding prices have been paid. Although the concentration of operators has not yet been implemented, it has already been implemented before being reported to the Ministry of Commerce. In violation of Article 21 of the Anti-Monopoly Law, it constitutes a concentration of operators who have not legally declared illegal implementation. The Ministry of Commerce evaluated the impact of Canon's acquisition of the entire equity of Toshiba Medical on market competition. The assessment believes that the concentration of this operator will not have the effect of eliminating and restricting competition. Based on the investigation and the conclusion of the assessment, according to Articles 48 and 49 of the Anti-Monopoly Law and Article 13 of the Interim Measures, the Ministry of Commerce decided to impose an administrative penalty of 300,000 yuan on Canon.
In March 2016, Canon and Toshiba officially announced that Canon acquired Toshiba's medical equipment division for a total price of 665.5 billion yen (about 5.9 billion US dollars). The purchase price also hit a record high in Canon. For this nearly $6 billion purchase price, an analyst at Macquarie Securities believes that Toshiba’s assets can only sell for about $3.5 billion. A Japanese securities analyst also said that the offer of nearly $6 billion is a bit too high.
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