UK: Tesco pays reduced fine to settle OFT cartel probe
Tesco will pay a fine of GBP6.5m (US$9.8m) to settle an Office of Fair Trading investigation into whether UK supermarkets and dairies collaborated to fix milk prices.
Tesco had originally been fined GBP10.4m in 2011 as part of the price-fixing probe in dairy products. However, the retailer appealed the OTF's findings and, in December, the Competition Appeal Tribunal found Tesco guilty of three of the eight charges brought against it.
Commenting on the news, a spokesperson for Tesco said that it was "pleased" to have settled the dairy competition appeal.
"Tesco will pay a reduced penalty... in respect of three infringements of competition law that took place in 2002. The other findings of the OFT against Tesco have been dismissed," the spokesperson emphasised.
In total, the OFT fined eight retailers and dairies a total of more than GBP50m.
This is a detailed report covering Tesco’s store formats, private labels, history, key employees, and key financial and operational metrics in China. Introduction and Landscape Why was the report w...
After Lindt & Sprungli reported higher solid first-half results last week, just-food interviewed the Swiss chocolate group's CEO Ernst Tanner to discuss its growth in mature markets and its patient st...
- Maspex: M&A opportunities in eastern Europe
- The just-food interview: Bega Cheese CEO
- Why "simple" and "real" will be industry buzzwords
- Nestle's 2014 results: 10 Things to Learn
- Sustainability Watch: The US packaging challenge
- Gruma FY earnings surge as margins improve
- UPDATE: Mondelez confirms Irish plant changes
- Kerry Group CEO expects more M&A in 2015
- Glanbia FY profits beat analyst forecasts
- WhiteWave launches "Australian-style" yoghurt