Abbott agrees to pay $12 million fine in China price fixing probe

SHANGHAI Wed Aug 7, 2013 12:16am EDT

An Abbott Laboratories sales staff carries a carton of powder milk tins out of a shop during a production recall outside Hanoi August 6, 2013. REUTERS/Kham

An Abbott Laboratories sales staff carries a carton of powder milk tins out of a shop during a production recall outside Hanoi August 6, 2013.

Credit: Reuters/Kham

SHANGHAI (Reuters) - Abbott Laboratories (ABT.N) has agreed to pay a fine amounting to around $12 million, a spokeswoman said in emailed comments on Wednesday, following Chinese investigations into price fixing and anti-competitive practices by foreign baby formula makers.

China's top economic planner fined six companies a total of 670 million yuan ($109.45 million), China's state media reported earlier on Wednesday, including Abbott, Mead Johnson, Dumex, Fonterra, Friesland and Biostime.

($1 = 6.1217 Chinese yuan)

(Reporting by Shanghai Newsroom Writing by Adam Jourdan; Editing by Kazunori Takada)

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