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KKR Faces Record USD 250 Million Fine for Merger Filing Violations
The U.S. Department of Justice (“DOJ”) has reached a proposed settlement under which KKR & Co. GP LLC (“KKR”) would pay USD 250 million for repeated breaches of U.S. premerger notification rules. If approved, the fine would be the largest ever imposed for violations of the Hart-Scott-Rodino Act, the federal law requiring advance notification of certain large mergers and acquisitions, and more than 20 times the DOJ’s previous record.
The DOJ alleged that KKR submitted incomplete or inaccurate filings for at least 16 transactions in 2021 and 2022. The alleged conduct included altering or omitting documents and closing certain transactions without filing at all.
The record fine underscores that merger control is not limited to whether a transaction harms competition. Serious consequences can also follow when filings are incomplete, documents are altered, or transactions close without the required notification.
Commission Raises Objections to UPM/Sappi Joint Venture
The European Commission has sent a Statement of Objections to UPM and Sappi, setting out its preliminary view that their proposed joint venture could restrict competition in certain communication paper markets. The venture would combine UPM’s communication paper businesses in Europe and the United States with Sappi’s European communication paper business and related activities, creating the market leader in the European Economic Area (“EEA”).
Following the Phase II investigation opened in April 2026, the Commission expressed concerns about coated mechanical paper and coated wood-free paper. It considers that the joint venture could gain enough market power to raise prices and reduce quality and customer choice. UPM and Sappi are currently the two largest communication paper manufacturers in the EEA. The Commission also remains unconvinced that the parties’ claimed efficiencies, including potential cost savings and environmental and resilience benefits, would outweigh the potential harm to competition.
Dolomiti Superski Case Closed with Pricing and Redress Commitments
The Italian Competition Authority closed its investigation into Dolomiti Superski and the 12 valley consortia after accepting commitments addressing concerns about coordination of local ski-pass prices and restrictions on third-party distribution.
The parties committed not to coordinate their pricing or distribution policies in the future and agreed to amend their bylaws accordingly. They also offered EUR 30 million in consumer redress for ski passes purchased during the 2022/2023, 2023/2024, and 2024/2025 seasons, through discount vouchers and direct refunds.
The Authority considered these commitments sufficient to address its competition concerns and mitigate potential harm to consumers.
Japan Fair Trade Commission Accepts Resale Pricing Commitments from Luxottica Japan
The Japan Fair Trade Commission (“JFTC”) accepted commitments from Luxottica Japan after raising concerns that the company had restricted the prices retailers could charge and limited online sales of Ray-Ban and Oakley sunglasses.
The JFTC alleged that Luxottica Japan had asked retailers to sell the products at or above recommended retail prices, refrain from offering online discounts through points or coupons, and delay online sales of new products for a specified period after launch.
Under the commitments, Luxottica Japan will cease the conduct, implement compliance measures, and submit to independent third-party monitoring. It will also report annually to the JFTC for five years.
Apple to Redesign Tracking Consent Prompts
The German Competition Authority (“Bundeskartellamt”) closed its investigation into Apple’s App Tracking Transparency Framework after accepting commitments from Apple. The investigation focused on Apple’s requirement that third-party apps obtain user consent through an additional Apple-designed prompt before using data for personalised advertising, while Apple’s own services followed a different consent process.
The Bundeskartellamt was concerned that this difference could make users more likely to consent to personalised advertising by Apple and less likely to do so in third-party apps, putting competing app publishers at a disadvantage. Apple will now align the design and wording of its consent prompts more closely, give app publishers greater scope to explain the role of personalised advertising, and simplify the process for combining Apple’s consent request with consent requirements under data protection law.
The commitments will apply for seven years and be monitored by an independent trustee. The case illustrates how privacy rules can raise competition concerns when a digital platform applies them more favourably to its own services than to competing businesses.
Competition Bureau Seeks to Block Nortera’s Acquisition of Green Giant and Le Sieur
The Canadian Competition Bureau is seeking to block Nortera’s proposed acquisition of B&G Foods Canada’s Green Giant and Le Sieur vegetable businesses.
According to the Bureau, Nortera is already the dominant processor of certain canned and frozen vegetables in Canada, and the transaction would eliminate its only major national branded competitor in an already highly concentrated market. The Bureau considers that the acquisition would likely lead to higher prices, less consumer choice, and reduced competition.
The case reflects continued scrutiny of transactions that would remove one of the few remaining significant competitors in already concentrated consumer markets.
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