Paris — Asustek Computer Inc. and Royal Philips NV were among four companies fined a total of €111m by European Union antitrust regulators for preventing online retailers from setting prices that undercut traditional stores. Asus received the largest fine, about €63.5m, while Philips owes nearly €30m, the European Commission said on Tuesday in a press release. Pioneer got a €10.2m penalty and Denon & Marantz was fined €7.7m. All companies got significantly reduced fines after co-operating with regulators. "As a result of the actions taken by these four companies, millions of European consumers faced higher prices for kitchen appliances, hair dryers, notebook computers, headphones and many other products. This is illegal under EU antitrust rules," European Commissioner for Competition Margrethe Vestager said in the statement. The fines for three Asian and one European company come a day before EU Commission president Jean-Claude Juncker meets US President Donald Trump to try to calm ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.