CORRECT: French Anti-Trust Body Fines Nestle, Mars, Colgate-Palmolive EUR35 Million

Date : 03/20/2012 @ 11:19AM
Source : Dow Jones News
Stock : Colgate-Palmolive Company (CL)
Quote : 75.37  0.77 (1.03%) @ 7:08PM

CORRECT: French Anti-Trust Body Fines Nestle, Mars, Colgate-Palmolive EUR35 Million

Colgate Palmolive (NYSE:CL)
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French anti-trust authority said Tuesday it will fine Swiss food company Nestle SA (NESN.VX), Mars Inc. and Colgate-Palmolive Co. (CL) a combined EUR35.3 million for anticompetitive behavior.

The French anti-trust body, Autorite de la concurrence, said the three companies will be fined for "limiting competition on the markets for dry food for dogs and cats in specialized retailers" in France between 2004 and 2008.

Nestle Purina Petcare France SAS, a unit of Nestle, Royal Canin SAS, a unit of Mars, and Hill's Pet Nutrition SNC, a unit of Colgate-Palmolive, will be fined EUR19 million, EUR11.6 million and EUR4.7 million respectively.

The authority also said that these amounts include a reduction in the fines of 18% for Nestle and 20% for Mars, as they didn't deny the charges and took steps to conform to anti-trust regulation.

-By Nadya Masidlover, Dow Jones Newswires; +33 1 4017 1740; nadya.masidlover@dowjones.com

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