EU Fines Sony, Panasonic, Sanyo $175 Million for Cartel
December 12 2016 - 10:00AM
Dow Jones News
BRUSSELS—The European Union's competition watchdog on Monday
said it had fined Sanyo Electric Co., Panasonic Corp and Sony Corp.
a total of €166 million ($175 million) for colluding on prices for
rechargeable batteries used in devices including laptops and
smartphones.
Between 2004 and 2007 the companies agreed on temporary price
increases and exchanged sensitive information, such as supply and
demand forecasts or price forecasts, the European Commission
said.
The EU said contact between cartel members took place primarily
in Asia and only occasionally in Europe.
The EU's antitrust chief, Margrethe Vestager, said the fine
would send an important signal to companies.
"If European consumers are affected by a cartel, the commission
will investigate it, even if the anticompetitive contacts took
place outside Europe," she said.
Sanyo was hit with the largest fine of €97 million, while
Panasonic was fined €39 million. Sony was fined €29.8 million.
Samsung, which also participated in the cartel, escaped a fine
of €58 million because it revealed the existence of the cartel, the
EU said.
Write to Natalia Drozdiak at natalia.drozdiak@wsj.com
(END) Dow Jones Newswires
December 12, 2016 09:45 ET (14:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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