Mexico’s Federal Commission of Economic Competition (COFECE) has reduced the fine imposed on fashion company Grupo Axo, as well as the restaurant operator Grupo Alsea, after the companies failed to notify the merger between them which took place in 2013.
The reduction has been quite considerable, from the $25.694 billion pesos (USD$1.335 billion) for Alsea to $ 4.6 million (USD$239,000), while for Axo the figure was reduced from 2,982 million pesos (USD $ 154 million). ) at only $ 596,462 pesos (USD $ 31,000 approximately).
According to the regulator, the Federal Competition Law in force at the time of the transaction established that mergers should be notified to the Commission whenever two or more economic agents whose assets or sales volume account for more than 48 million times the current minimum wage are participants.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Turkey Fines Meta $10.4 Million for Abusing Market Dominance
May 6, 2024 by
CPI
Canadian Watchdog Launches Inquiry into Lululemon’s Greenwashing Practices
May 6, 2024 by
CPI
Massachusetts Supreme Court Deliberates Ballot Redefining Gig Worker Status
May 6, 2024 by
CPI
European Commission Approves Nippon Steel’s $14.9 Billion Buyout of U.S. Steel
May 6, 2024 by
CPI
Banco Sabadell Rejects Rival BBVA Merger Proposal
May 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI