EU Fines Telefonica SA, Portugal Telecom SGPS SA-DJ

Wednesday, 23 Jan 2013 05:52am EST 

Dow Jones reported that European Union regulators on Wednesday slapped a combined fine of EUR79 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 will be fined EUR66.9 million euros and Portugal EUR12.3 million. 

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