EU Fines Telefonica SA And Portugal Telecom SGPS SA-DJ

Wednesday, 23 Jan 2013 05:54am EST 

Dow Jones reported that European Union regulators imposed a combined fine of EUR 79 million on Telefonica SA and Portugal Telecom SGPS SA after the two telecommunications firms agreed not to compete with one another in the Iberian market. The European Commission said the non-compete clause for Spain and Portugal was illegal under European Union law and that Telefonica SA will be fined EUR 66.9 million and Portugal EUR 12.3 million. 

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