Unilever and Procter & Gamble fined €315.2m for fixing prices

13 April 2011 15:06  [Source: ICIS news]

LONDON (ICIS)--Consumer product giants Procter & Gamble (P&G) and Unilever have been fined a total of €315.2m ($456.8m) for fixing washing powder prices in eight countries, the European Commission announced on Wednesday.

US-headquartered P&G was fined €211.2m and Anglo-Dutch multinational Unilever €104m. Unilever sells Omo and Surf, while P&G makes Tide.

German company Henkel, which sells Persil in some European countries, was also involved in the cartel but was not penalised because it tipped off the Commission about the price-fixing.

The Commission has evidence showing the cartel existed between 7 January 2002 and 8 March 2005, covering Belgium, France, Germany, Greece, Italy, Portugal, Spain and the Netherlands. The fines take into account the relevant sales of the companies involved in the countries concerned, the infringement and combined market share.

P&G received a 50% reduction in fines and Unilever 25% for cooperating during the investigation. Both companies received a further 10% reduction for quickly settling the case.

($1= €0.69)

By: Tanzeel Akhtar
+44 208 652 3214

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