September 3, 2014 / 10:13 AM / 5 years ago

Philips to appeal against European Commission price fixing fine

AMSTERDAM (Reuters) - Dutch electronics and healthcare company Philips denied its former semiconductor division had taken part in a price fixing cartel, saying on Wednesday that it would appeal against a 20 million euro ($26.4 million) European Commission fine.

“We firmly believe that claims of anti-competitive behavior by former Philips smart card chips business are unfounded. As a result, Philips plans to appeal the decision,” the company said in a statement. Philips spun off its semiconductor business into the independent company NXP Semiconductors in 2006.

European Union antitrust regulators on Wednesday said they fined Philips, Samsung Electronics and Infineon Technologies a total of 138 million euros ($181.32 million)for fixing prices of chips used in mobile SIM cards.($1 = 0.7611 Euros)

Reporting By Thomas Escritt; Editing by Michael Urquhart

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