The Ministry of Commerce (MOFCOM) decided to fine Japan's Canon Inc 300,000 yuan ($43,130) for allegedly violating antitrust regulations with its acquisition of Toshiba Medical Systems Corp, the ministry said on Wednesday.

In 2015, Canon and Toshiba Medical generated more than 2 billion yuan in combined revenue in China, and each generated more than 400 million yuan in revenue. Those amount reach the standard of declaration of concentration of business operations in China, according to a statement on the MOFCOM's website.

But Canon "did not declare [this information] in line with relevant regulations" and the acquisition "did not have an outcome of precluding and restricting competition," the statement said.

What makes this case unique is that Canon structured the acquisition as a two-part transaction to avoid making the necessary declarations under Chinese antitrust regulations, said Wei Shilin, a senior partner at Dacheng Law Offices in Beijing.

"But the company failed to complete the deal under the structure after it was reported [by competitors]," Wei told the Global Times on Wednesday.

As a renowned global enterprise, Canon should know that it must declare the acquisition based on Chinese antitrust rules, according to Wei. "The announcement of this penalty will have a negative impact on the reputation of companies such as Canon in their future business expansion in China," he said.

Based on the country's antitrust regulations, the MOFCOM decided to fine Canon, which has 60 days to appeal to the ministry itself. Alternatively, it can pursue administrative action at the Beijing Second Intermediate People's Court within six months, according to the MOFCOM.

Actually, the fine does not have a sufficient deterrent effect compared with the declaration, which takes 180 days to complete and requires high legal fees, Wei said.

On March 9, 2016, Toshiba Corp granted Canon exclusive negotiating rights for its medical equipment unit after a competitive auction, with a report putting Canon's offer at more than 700 billion yen ($6.2 billion), said media reports.

Toshiba Medical began expanding its business in China in 1982, where it has mainly engaged in the sale of diagnostic imaging equipment, according to the company's website.

Wei said that the MOFCOM has announced 15 such cases so far, with fines ranging from 100,000 yuan to 500,000 yuan.