Judgment of the General Court (Sixth Chamber) of 13 September 2010 -
   Éditions Jacob v Commission

   (Case T-279/04)

   Competition - Concentrations - French-language publishing - Decision
   declaring the concentration compatible with the common market subject
   to sale of assets - Action for annulment brought by an unsuccessful
   prospective purchaser - Duty to state reasons - Fraud - Error of law -
   Manifest error of assessment - Regulation (EEC) No 4064/89

   1.                     Actions for annulment - Actionable measures -
   Concept - Measures producing binding legal effects - Preparatory
   measures - Not included - Commission decision to initiate in-depth
   examination of a concentration operation (Art. 230 EC; Council
   Regulation No 4064/89, Art. 6(1)(c)) (see para. 89)

   2.                     Competition - Concentrations - Assessment of
   compatibility with the common market - Nature of control, single or
   joint, exercised over an undertaking to be taken into account -
   Criteria for assessment - Holding of assets operation prior to
   authorisation of the concentration by the Commission - Possibility of
   exercising a determinant influence over the business connected with the
   assets - None - Acquisition of assets with a view to their resale
   (Council Regulation No 4064/89, Arts 3 and 4) (see paras 116-118, 125,
   132, 138-140, 142, 144, 150, 153)

   3.                     Competition - Concentrations - Examination by
   the Commission - Operation carried out before being notified -
   Consequences - Possibility of the Commission declaring the operation
   incompatible with the common market - Possibility of the Commission
   revoking a decision declaring the concentration compatible - None -
   Failure to notify capable of being penalised by the imposition of a
   fine (Council Regulation No 4064/89, Arts 6 to 8 and 14) (see paras
   156-161, 201-202)

   4.                     Competition - Concentrations - Notification -
   Obligation - Scope - Holding of assets operation not constituting a
   concentration - Not included (Council Regulation No 4064/89, Arts.
   1(1), 4(1) and (7)(1)) (see paras 171, 231-232)

   5.                     Competition - Concentrations - Examination by
   the Commission - Revocation of a decision authorising a concentration
   operation - Criteria - Decision fraudulently obtained - Concentration
   operation classified as acquisition of shareholdings on a temporary
   basis - Requirement for demonstration that control acquired (Council
   Regulation No 4064/89, Arts 3(1)(b) and (5)(a) and 8(5)(a)) (see paras
   191-194)

   6.                     Acts of the institutions - Statement of reasons
   - Obligation - Scope - Decision to apply rules on concentrations
   between undertakings - Decision authorising a concentration operation -
   Scope (Council Regulation No 4064/89, Art. 8(2)) (see paras 226-228,
   233-234)

   7.                     Competition - Concentrations - Examination by
   the Commission - Economic assessments - Discretion - Judicial review -
   Limits (Council Regulation No 4064/89, Art. 2) (see paras 248-249)

   8.                     Competition - Concentrations - Assessment of
   compatibility with the common market - Creation or strengthening of a
   dominant position - Evidence - Modification of the initial position of
   the parties on the affected markets - Consequences of a sale of assets
   - Overall turnover figures of the parties to the operation - Not
   included (Council Regulation No 4064/89, Arts 2(3) and 8(3)) (see paras
   284-286, 288)

   9.                     Competition - Concentrations - Examination by
   the Commission - Definition of the market in question - Criteria -
   Substitutability of products - Structure of supply and demand -
   Transversal effect of a concentration taken into account (Council
   Regulation No 4064/89) (see paras 302-306)

   10.                     Competition - Concentrations - Assessment of
   compatibility with the common market - Point in time to be taken into
   consideration - Point at which the operation notified - No obligation
   to take into consideration the risk of agreements restricting
   competition being concluded following the concentration (Council
   Regulation No 4064/89, Art. 2) (see paras 326-327, 338)

   11.                     Competition - Concentrations - Examination by
   the Commission - Commitments by the undertakings concerned to render
   the notified transaction compatible with the common market -
   Undertaking to sell assets - Selection criteria of the buyer - Current
   or potential competitor - Independence, financial resources and
   competences confirmed - Sale of assets to a financial buyer -
   Lawfulness (Council Regulation No 4064/89; Commission Communication on
   corrective measures admissible in accordance with Regulations Nos
   4064/89 and 447/98, para. 49) (see paras 340-346)

   Re:

   APPLICATION for the annulment of Commission Decision 2004/422/EC of 7
   January 2004 declaring a concentration to be incompatible with the
   common market and the functioning of the EEA Agreement (Case
   COMP/M.2978 - Lagardère/Natexis/VUP) (OJ 2004 L 125, p. 54).

   Operative part

   The Court:

   1.

   Dismisses the action;

   2.

   Orders Éditions Odile Jacob SAS to bear its own costs and to pay the
   costs of the European Commission and Lagardère SCA.