Feb 26 Tesco Plc, Britain's biggest
retailer, will pay a reduced 6.5 million pound penalty to the
UK's competition watchdog, after the parties reached a
settlement on a price-fixing probe.
The Office of Fair Trading (OFT) in 2011 had concluded that
Tesco participated in fixing the retail price of cheese in 2002
and 2003, and it originally fined the company 10.4 million
pounds ($15.7 million).
Tesco had appealed the decision at the Competition Appeal
In a statement on its website, the OFT said the appeals
tribunal upheld its findings that Tesco broke competition law
three times by coordinating increases in the prices consumers
paid for cheese in 2002.
The appeal tribunal dismissed all other OFT findings against
"Tesco is pleased that it has today settled the dairy
competition appeal with the OFT," the company said on its