The European Union accused General Electric (GE - Get Report) , Canon Inc (CAJ - Get Report) , pharmaceutical company Merck (MKGAY) and Sigma-Aldrich Corp of breaching antitrust rules, the Wall Street Journal reported.
EU Competition Chief Margrethe Vestager said her department is reviewing recent merger clearances on suspicion that companies misled the commission when registering for antitrust review.
GE's $1.65 billion deal with LM Wind Power and Merck's $17 billion merger with Sigma-Aldrich are in question. The commission also thinks Canon may have implemented its deal with Toshiba Medical Systems before the acquisition was registered.
The three deals remain valid but are now under investigation. If the EU finds that any deals misled the competition commission, the companies could be fined up to 1% of global revenue. C
Canon could have to give up as much as 10% of its global revenue if the commission finds that it jumped the gun in its deal.
What's Hot On TheStreet
Apple is OK for the time being: For those silently worrying how the Apple (AAPL - Get Report) iPhone 8 will sell, simmer down -- the tech giant still has several huge advantages. On the hardware side, for instance, the iPhone still feels ahead of the pack thanks not only to Apple's design skills and the visible features of its hardware, but also what's under the hood points out TheStreet's tech columnist Eric Jhonsa. From the looks of things, the iPhone 8 should extend that lead, Jhonsa predicts.
Tesla is looking wobbly: Tesla (TSLA - Get Report) shares are looking a little shaky (again) after its Model S didn't get a top rating from Insurance Institute for Highway Safety (IIHS), reports TheStreet's James Skinner. The IIHS cited issues with the small overlap front test, which is meant to simulate crashes into trees, poles and other vehicles, as why the Model S did not receive the highest rating. IIHS Executive Vice President David Zuby said the front test remains a "hurdle" for some vehicles.
"Tesla made changes to the safety belt in vehicles built after January with the intent of reducing the dummy's forward movement," IIHS said. "However, when IIHS tested the modified Model S, the same problem occurred, and the rating didn't change."
Costco finally scores some good news: After watching its stock crash about 13% inside a month thanks to fears Amazon (AMZN - Get Report) and Whole Foods (WFM) will dominate society, Costco (COST - Get Report) scored a nice win. Costco said same-store sales in June rose 6.5% in June. Canada saw sales up 3.2%, while international sales rose 6.2%.
The numbers should serve as a reminder how resilient Costco's business has been in the face of Amazon's rise.
Visit here for the latest business headlines.