Telenor NOK788 Million Fine Upheld by Competition Regulator

Date : 06/19/2019 @ 5:25PM
Source : Dow Jones News
Stock : Telenor Asa (PC) (TELNY)
Quote : 17.88  -0.04 (-0.22%) @ 9:21PM

Telenor NOK788 Million Fine Upheld by Competition Regulator

Telenor Asa (PC) (USOTC:TELNY)
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By Oliver Griffin


Telenor ASA (TEL.OS) on Wednesday said the Norwegian Competition Authority has upheld an administrative fine against the company in a split decision.

The fine of 788 million Norwegian kroner ($90.2 million) was first issued to the Norwegian telecommunications company in June 2018. It was handed down after the competition authority found that Telenor's pricing model in their wholesale agreement restricted competition in the Norwegian market.

Telenor said its opinion was that the agreement with Network Norway neither limited competition nor the development of a third network, and the price model was legal.

One of three members of the Competition Complaint Board agreed with Telenor and voted in favor of the company, Telenor said.

Chief Executive Petter-Borre Furberg said: "We are disappointed not to have been heard, but we note that the minority finds the agreement to be legal. We will now review the decision thoroughly."


Write to Oliver Griffin at; @OliGGriffin


(END) Dow Jones Newswires

June 19, 2019 13:10 ET (17:10 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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