Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

EU to fine Philips, three others for online sales curbs - sources

Published 24/07/2018, 11:19
Updated 24/07/2018, 11:20
© Reuters.  EU to fine Philips, three others for online sales curbs - sources

By Foo Yun Chee

BRUSSELS (Reuters) - Dutch healthcare technology company Philips (AS:PHG) and three other companies are expected to be fined by EU antitrust regulators on Tuesday for restricting online sales of their products, two people familiar with the matter said on Tuesday.

The ruling by the European Commission follows a 17-month investigation as part of its crackdown against curbs on online cross-border sales such as restricting offers based on a customer's location or nationality.

The investigation, which kicked off in February last year, covered a total of 15 companies in three different segments -- consumer electronics, video games and hotel rooms.

European Competition Commissioner Margrethe Vestager is due to announce decisions on four cases at a news conference at about 1030 GMT. The EU competition authority declined to comment.

Philips declined to comment, but referred to a July 6 statement which estimated a 30-million-euro (31.20 million pounds) provision for the EU sanction booked in the second quarter.

Vestager's decision to penalise a European company and others comes a week after she handed down a record 4.34 billion euro fine to Google (O:GOOGL).

It could help European Commission Jean-Claude Juncker, who will meet U.S. President Donald Trump in Washington on Wednesday to counter Trump's complaints that the EU is taking advantage of the United States.

The EU investigation into the consumer electronics industry targets Philips, Taiwan's Asus (TW:2357), Denon & Marantz, and Pioneer (T:6773) which were suspected of having restricted the ability of online retailers to set their own prices for appliances, notebooks and hi-fi products.

For video games, Valve Corp, the owner of the Steam distribution platform and five game makers - Bandai Namco (T:7832), Capcom (T:9697), Focus Home, Koch Media and ZeniMax - accused of preventing purchases because of a consumer's location or country of residence.

The third investigation focussed on tour operators Kuoni, REWE , Thomas Cook and TUI and hotel group Melia.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.