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France: Record $1.2B price-fixing fine hits L’Oreal, Unilever

 |  December 18, 2014

Eleven personal care companies were fined a combined $1.17 billion from French competition authorities for price-fixing, say reports.

The companies, including L’Oreal, Unilever, and Henkel were hit with the penalties after two separate investigations found they had conspired to manipulate cleaning and personal care product prices.

The fines are the largest-ever issued by the French competition authority.

In a statement, the watchdog said “the practices were particularly serious, given not only to their secret character but also because of their nature: the concerted practices aimed at distorting then main components of commercial negotiations, especially price evolutions.” Reports say the probes found the firms would secretly meet in restaurants and private homes to exchange market sensitive information.

L’Oreal, Unilever and Henkel all plan to appeal the fines, say reports.

Full content: Bloomberg

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