July 24, 2018 / 10:32 AM / 4 months ago

EU fines Philips, Asus, Pioneer, Denon & Marantz total 111 mln euros

BRUSSELS, July 24 (Reuters) - EU antitrust authorities handed down a total fine of 111.2 million euros ($130.1 million) to Philips, Pioneer, Asus and Denon & Marantz on Tuesday for fixing online resale prices.

The European Commission opened an investigation into the four companies in February last year as part of its crackdown against curbs on online sales across-borders, such as restricting offers based on a customer’s location or nationality.

Reuters had reported earlier on Tuesday that the EU would penalise Philips and three other companies.

The EU competition enforcer said the companies engaged in “fixed or minimum resale price maintenance” by restricting the ability of their online retailers to set their own retail prices for widely used consumer electronics products such as kitchen appliances, notebooks and hi-fi products.

Philips’ fine was 29.8 million euros, Asus 63.5 million euros, Pioneer 10.2 million euros and Denon & Marantz 7.7 million euros.

$1 = 0.8546 euros $1 = 0.8546 euros Reporting by Foo Yun Chee

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