A PYMNTS Company

Portugal: Nation’s largest utility fined for collusion

By  |  May 7, 2017

Portugal’s antitrust authority AdC ruled on Friday to fine the country’s largest company, the utility EDP, $31.54 million and retail giant Sonae $10.55 million for an illegal non-competition pact between their subsidiaries.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Under the 2012 agreement, Sonae committed itself to not competing against EDP in electricity trading in Portugal for two years, the AdC said in a statement.

    It said it had heard the two companies’ defense on the matter and ended up confirming its earlier decision that the pact was illegal.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.