Business
Schneider, Legrand, Rexel and Sonepar fined in French price fixing probe
Global Banking & Finance Review®
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PARIS (Reuters) – France’s competition authority said on Wednesday it had fined electric equipment makers Schneider Electric, Legrand, Rexel and Sonepar a total of 470 million euros ($508.49 million) for fixing prices.
PARIS (Reuters) – France’s competition authority said on Wednesday it had fined electric equipment makers Schneider Electric, Legrand, Rexel and Sonepar a total of 470 million euros ($508.49 million) for fixing prices.
Schneider Electric was fined 207 million euros, Rexel 124 million euros, Sonepar 96 million euros and Legrand 43 million.
The decision sanctions two price agreements: one between Schneider Electric and its distributors Rexel and Sonepar from December 2012 to September 2018; and the other between Legrand and its distributor Rexel from May 2012 to September 2015, the watchdog said.
“Schneider Electric firmly disagrees with the finding of the French Competition Authority and rejects any allegation that its distribution practices are not compliant with competition rules,” the company said in a statement.
All four of the companies contested the decision by the antitrust agency. Sonepar said it would appeal before the Paris Court of Appeal.
Schneider reported third-quarter revenue of 9.3 billion euros on Wednesday, a growth of 6% on a reported basis.
($1 = 0.9243 euros)
(Reporting by Dominique Vidalon and Dominique Patton; Editing by Makini Brice)
A fine is a monetary penalty imposed by a court or regulatory authority as punishment for violating laws or regulations.
Corporate governance refers to the systems, principles, and processes by which companies are directed and controlled, focusing on the relationships among stakeholders.
Competition law is a set of regulations that promote or maintain market competition by regulating anti-competitive conduct by companies.
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