German sausage makers have been fined a sizzling 338 million euros ($460 million) for fixing their prices to the retail sector for many years, the national competition watchdog said on Tuesday.
"Numerous statements and documentation prove that there was a 'fundamental understanding' to agree regularly on requests for price increases," the Federal Cartel Office said in a statement.
In all, 21 sausage makers and 33 company officials were fined, including the Herta group, a subsidiary of Swiss food giant Nestle, the statement said.
The cartel office said it would not provide detailed information about the individual fines for each party, but the size of the fines ranged from "a few hundred thousand euros to high digit millions."
The sausage makers have met regularly for decades in the so-called "Atlantic group", named after the Hamburg hotel where the first such meeting was held, the office said.
"In addition to this 'Atlantic group', a number of sausage makers colluded in jointly raising prices to the retail sector," the statement said.
The agreements were mostly reached via telephone calls.
In its latest annual report, published last week, the cartel office said it expected to slap a record number of fines for anti-competitive practices this year.
Already in February, the watchdog fined three large sugar producers -- Pfeifer & Langen, Suedzucker and Nordzucker -- 280 million euros for price fixing.
And more than 10 breweries were fined more than 300 million euros at the beginning of the year for fixing beer prices between 2006 and 2008.
GMT 14:02 2018 Sunday ,02 December
RDIF says $2 billion will be invested in Russian economy from joint Russian-Saudi fundGMT 12:03 2018 Friday ,30 November
Canada on track to sign new free trade deal with US and MexicoGMT 07:59 2018 Wednesday ,21 November
Merkel policies in focus in final debate on draft German budgetGMT 16:57 2018 Wednesday ,31 October
Putin to discuss relations development prospectsGMT 16:04 2018 Monday ,29 October
Russian, Cuban presidents to discuss strategic partnershipGMT 12:57 2018 Saturday ,27 October
"Undeclared war" forces Russia to boost defense spendingGMT 15:45 2018 Friday ,26 October
Medvedev to represent Russia at upcoming APEC summitGMT 14:12 2018 Thursday ,25 October
Saudi Arabia plans to invest in Russian-Chinese Fund soonMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor