December 14, 2007

EU upholds fine against feed additive cartel

The European Commission upheld the fines it imposed on three companies in 2004 due to issues of price-fixing, market sharing and other anti-competitive practices.

The fines amounted to EUR66.34 million (US$97 million).

An European court has adjusted fines levied by Europe's competition authority against two companies and upheld a fine on Dutch firm Akzo Nobel NV for participating in an animal feed additive cartel.

The court reduced the fine on Belgian drugs company, UCB SA, from EUR8.51 million (US$12.46 million) to EUR1.87 million (US$2.73million).

On the other hand, the fine for Germany's BASF AG was increased from EUR54,000 million (US$79,066 million) to EU35 million (US$51 million).

Meanwhile, the court upheld the EUR20.99-million (US$30.73 million) fine on Akzo Nobel.

The commission said that the cartel controlled 80 percent of the EUR180-million (US$254-million) worldwide market.