A PYMNTS Company

Germany: Chocolate makers fined $100M for price hikes

By  |  January 31, 2013

Eleven chocolate makers have been hit with a fine of more than $100 million by Germany’s Federal Cartel Office after the antitrust authority found the companies, including Kraft and Nestle, colluded to increase the prices of their products. According to the cartel office, the companies “simply ceased competing with each other” when the price of raw materials to make chocolate products rose. The collusion reportedly ran between 2004 and 2008, but the prices in raw ingredients hit a steep increase in 2007. Chocolate maker Mars has reportedly dodged a fine under Germany’s leniency program, as the company was the first to warn authorities about the price-fixing.

 

Full Content: Straits Times

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