CORRECT: EU Fines Procter & Gamble, Unilever Over Cartel
13 April 2011 - 1:24PM
Dow Jones News
The European Commission Wednesday said it is fining washing
powder producers a total of EUR315.2 million for operating a cartel
in eight European Union countries.
In a statement, the EU's antitrust body said it is fining
Procter & Gamble Co. (PG) EUR211.2 million and Unilever NV (UN)
EUR104.0 million.
The third member of the cartel, Henkel AG & Co. KGaA
(HEN.XE), won't be fined because it revealed the cartel to the
commission in 2008.
The fines imposed on the other two companies were also reduced
for "acknowledging the facts and enabling a swift conclusion of the
investigation," the statement said.
The cartel covered Belgium, France, Greece, Germany, Italy,
Portugal, Spain and the Netherlands.
It concerned powder detergents used in washing machines and
evidence showed the cartel existed at least between January 2002
and March 2005.
Settlement discussions started in the second half of last
year.
In the statement, Joaquin Almunia, vice-president of the
commission in charge of competition policy, said: "Companies should
be under no illusion that the commission will pursue its relentless
fight against cartels."
-By Laurence Norman, Dow Jones Newswires; +32 (0)2 741 1 481;
laurence.norman@dowjones.com
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