US Stock Futures Steady as Oil Prices Ease, Iran Talks Boost Market Sentiment 
Bain Capital Exits Kioxia After AI-Fueled Valuation Surge 
Goldman AM Sees Strong Buyout Opportunities in Japan, South Korea and Australia 
Gold Price Rebounds as U.S.-Iran Tensions and Fed Minutes Keep Markets on Edge 
Asian Stocks Slip as Iran Tensions, Samsung Weakness and Fed Caution Weigh on Markets 
Fed Reaffirms 2% Inflation Goal, Vows Forceful Action to Anchor Price Expectations 
Japan Eyes Bigger GPIF Investment in Domestic Assets as BOJ Independence Concerns Grow 
Gold Prices Slip as U.S.-Iran Conflict, Fed Rate Hike Bets Pressure Precious Metals 
European Regulators Clash With U.S. Treasury Over Private Credit Transparency 
Oil Prices Slip but Stay on Track for Weekly Gains as U.S.-Iran Conflict Persists 
SK Hynix’s $28 Billion U.S. Share Sale Draws Massive Demand Amid AI Chip Boom 
Chinese Chip Stocks Jump as Apple Reportedly Tests CXMT Memory Chips for China Devices 
Japan Regional Bank Stocks Drop After Zentoshin Bankruptcy Sparks Credit Risk Concerns 
Japanese Yen Rises as Pension Fund Plan and BOJ Rate Hike Bets Weigh on Dollar 
US Back-to-School Spending Seen Falling as Families Focus on Essentials 
Sino Biopharm Stock Rises After AstraZeneca Licensing Deal, GSK Partnership Expansion 
Nvidia Invests $500M in Firmus Technologies Ahead of Planned ASX IPO 
Canon went to court to challenge the EU's sanction related to its acquisition of Toshiba Medical Systems Corporation in 2016 but was defeated. With the decision, the European Union's General Court upheld the €28 million €28 million fine that was previously imposed on the company.
According to Reuters, Canon, a Japanese optical, imaging, and industrial products manufacturer, is now facing a hefty fine, and this was revealed on Wednesday, May 18. It was the second-top court in Europe that sustained the sanction that was originally handed down in 2019.
The European Commission stated in its 2019 decision that Canon violated the rules by the "warehousing" two-step transaction structure where an interim buyer has been assigned to buy the medical unit of Toshiba before it could actually obtain regulatory clearance from the EU's competition agency.
It was reported that under the EU merger regulations, companies that close a deal first without obtaining the EU regulatory approval could be fined by up to 10% of the deal price. The fine is also applicable if companies provide misleading information during the regulatory review.
This unusual method of acquisition allowed Toshiba to book proceeds just in time for the financial year-end ending in March. Originally, this would have been impossible because the company was cash-strapped due to its accounting scandal.
The EU competition slapped Canon with a fine for the said "warehousing," and this week, the Luxembourg-based General Court backed the decision. The judge said, "The European Commission was therefore right to observe that the Court's case-law distinguishes between the concepts of 'concentration' and 'implementation of a concentration.'"
Meanwhile, as previously reported by ITN News, Toshiba Medical Systems' name was changed to Canon Medical Systems Corp. after the acquisition was completed following the deal agreement in 2016.
Canon Inc. and Canon Medical Systems Corp. announced the new name of the newly-acquired company in January 2018. Canon Group was declared the winner in the bidding for the acquisition of CMS with its reported bid of $6.21 billion.
