EU Fines Sony, Panasonic, Sanyo $175 Million for Cartel

BRUSSELS—The European Union's competition watchdog on Monday said it had fined Sanyo Electric Co., Panasonic Corp and Sony Corp. a total of €166 million ($175 million) for colluding on prices for rechargeable batteries used in devices including laptops and smartphones.

Between 2004 and 2007 the companies agreed on temporary price increases and exchanged sensitive information, such as supply and demand forecasts or price forecasts, the European Commission said.

The EU said contact between cartel members took place primarily in Asia and only occasionally in Europe.

The EU's antitrust chief, Margrethe Vestager, said the fine would send an important signal to companies.

"If European consumers are affected by a cartel, the commission will investigate it, even if the anticompetitive contacts took place outside Europe," she said.

Sanyo was hit with the largest fine of €97 million, while Panasonic was fined €39 million. Sony was fined €29.8 million.

Samsung, which also participated in the cartel, escaped a fine of €58 million because it revealed the existence of the cartel, the EU said.

Write to Natalia Drozdiak at [e-mail]

(END) Dow Jones Newswires

December 12, 2016 09:45 ET (14:45 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.