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The three world's largest staffing companies Monday were fined a collective EUR94.4 million in France for allegedly participating in a price-fixing scheme there.

The French competition watchdog said the French units of Manpower Inc. of the U.S. (MAN); Switzerland's Adecco SA (ADO); and a unit of Netherland's Vedior NV - which merged with Dutch competitor Randstad NV to become Randstad Holding NV (RAND.AE) last year - were engaged in anticompetitive conduct between March 2003 and November 2004 involving an unnamed client.

Manpower, which was fined EUR42 million, said it would appeal the decision, while Adecco, whose fine stood at EUR34.2 million, said it would analyze the regulators' decision before considering an appeal.

"The council's holding that our French operation was broadly engaged in a concerted practice to avoid competition on price is not supported by the facts," said Kenneth Hunt, Manpower's chief legal officer. "The fine imposed by the council is excessive as a measure of the damage to the economy that the fine is supposed to reflect."

Randstad said Vedior had decided earlier to enter into a settlement negotiation with the regulator, helping the company curb a potentially higher fine, which ultimately stood at EUR18.2 million.

Shares of all three companies were under pressure. Adecco fell 4.5% to 37.32 Swiss francs on the Zurich stock exchange. Manpower fell 3.3% to $27.51 at the New York Stock Exchange and Randstad fell 2.6% to EUR15.15 in Amsterdam.

Analysts said the fines could hurt fourth-quarter earnings at Adecco, which has taken fewer write-offs for the case than the others have.

Manpower took a second-quarter charge of $50 million, while Randstad said it has made a provision of EUR35 million. Adecco took a EUR15 million charge k in 2007.

Analysts also warned that in the current economic crisis, price-fixing allegations may surface more often due to margin pressure, tempting companies to offer special deals to clients.

-By Goran Mijuk and Kerry E. Grace, Dow Jones Newswires; +41 43 443 80 47; 201-938-5089; goran.mijuk@dowjones.com; kerry.grace@dowjones.com

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