Oreo cookies maker Mondelez International slapped USD 366 million fine for European market rigging
The European Commission has fined US-based food company Mondelez International, the maker of Oreo biscuits and Cadbury Dairy Milk chocolate, for hindering the cross-border trade of chocolate, biscuits and coffee products between Member States, in breach of EU competition rules.
According to the European Commission website, the company has been fined €337.5 million ($366 million).
The company is accused of obstructing sales of its products between EU member states, the bloc's executive arm said on Thursday as quoted by Euro News.
What do we know about Modelez?
Mondelēz, headquartered in the US, is one of the world's largest producers of chocolate and biscuit products. Its portfolio includes well-known chocolate and biscuit brands such as Côte d'Or, Milka, Oreo, Ritz, Toblerone and TUC and until 2015 coffee brands such as HAG, Jacobs and Velours Noir.
What did the investigation find?
The Commission's investigation found that Mondelēz breached EU competition rules by engaging in anticompetitive agreements or concerted practices aimed at restricting cross-border trade of various chocolate, biscuit and coffee products and by abusing its dominant position in certain national markets for the sale of chocolate tablets.
"Prices for food differ between Member States. Trade over borders of Member States in the internal market can lower prices and increase the availability of products for consumers. This is especially important in times of high inflation. In today’s decision, we find that Mondelēz illegally limited cross-border sales across the EU. Mondelez did so to maintain higher prices for its products to the detriment of consumers. We have therefore fined Mondelēz €337.5 million," said Margrethe Vestager, Executive Vice-President in charge of competition policy.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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