In 2001, the EC prohibited the acquisition of the French industrial group Legrand by its rival Schneider Electric. This decision was later annulled by the CFI but the EC reopened the investigation. As a result, Schneider abandoned the deal and sold Legrand to the consortium formed by Wendel and KKR at a reduced price. Schneider then sued the EC before the CFI claiming damages of €1.7 billion. In 2007, the CFI ruled that the EC should compensate Schneider for the loss suffered as a result of selling Legrand.
The EC appealed the CFI ruling before the EC J. The Court’s Advocate General Ruiz- Jarabo has recently issued an advisory opinion in which he argues that the CFI ’s ruling should be set aside. The Advocate General argues that Schneider itself was ultimately responsible for the loss it incurred when it sold Legrand. According to the Advocate General, Schneider could have avoided this loss, e.g., by exercising its option to terminate the sales agreement with Wendel/KKR .