From the Friday, 12/19/14 Financial Times:
Adam Thomson--Paris writes,
"France's competition watchdog has handed out a record E951m in fines against companies including L'Oreal and Unilever after finding them guilty of ficing prices of household and personal care products.
The fines from the French authority came after it uncovered a secret network of "friends" and "clubs" involving the companies' managers between 2003 and 2006 aimed at forming a common front before negotiations with distributors.
The watchdog said the companies "met regularly and secretly to co-ordinate their commercial policies and discuss their pricing policies."
The evidence came largely from companies offering information in return for reduced fines; officials launched a raid on a Paris restaurant where executives were having lunch.
Hardest hit was Paris-based L'Oreal, which must pay E189.5m. UK-based Unilever was ordered to pay more than E172m. Reckitt Benckiser, the UK-based consumer goods group has to pay E121m. Colgate-Palmolive of the US and Germany's Henkel received reduced fines for their collaboration in the probe. SC Johnson of the US avoided fines by acting as a whistleblower."
Adam Thomson--Paris writes,
"France's competition watchdog has handed out a record E951m in fines against companies including L'Oreal and Unilever after finding them guilty of ficing prices of household and personal care products.
The fines from the French authority came after it uncovered a secret network of "friends" and "clubs" involving the companies' managers between 2003 and 2006 aimed at forming a common front before negotiations with distributors.
The watchdog said the companies "met regularly and secretly to co-ordinate their commercial policies and discuss their pricing policies."
The evidence came largely from companies offering information in return for reduced fines; officials launched a raid on a Paris restaurant where executives were having lunch.
Hardest hit was Paris-based L'Oreal, which must pay E189.5m. UK-based Unilever was ordered to pay more than E172m. Reckitt Benckiser, the UK-based consumer goods group has to pay E121m. Colgate-Palmolive of the US and Germany's Henkel received reduced fines for their collaboration in the probe. SC Johnson of the US avoided fines by acting as a whistleblower."
