EU Fines Animal Feed Phosphate Cos EUR176 Million For Running Cartel
July 20 2010 - 6:03AM
Dow Jones News
The European Commission Tuesday fined six chemical companies a
total of EUR176 million for operating a cartel of phosphates used
in animal feed for over three decades.
Belgian chemical company Tessenderlo Chemie NV will pay EUR84
million, the biggest share of the fine. French company Timab
Industries will pay EUR60 million, and FMC Corp. (FMC) along with
several of its subsidiaries will pay EUR14.4 million.
Five of the companies settled with the commission and thus had
their fines reduced by 10%. The commission also reduced
Tessenderlo's fine 50% because it cooperated with the
investigation.
"While companies that cooperate with the commission, including
under the settlement procedure, can count on immunity or a
reduction of the fine, there should be no doubt about our
determination to unearth and punish cartel members," said Joaquin
Almunia, the EU's antitrust chief.
The commission, the European Union's executive arm, said the
cartel was operating from March 1969 until February 2004, though
not all companies were involved for the entire time.
-By Matthew Dalton, Dow Jones Newswires; +32 2 741 1487;
matthew.dalton@dowjones.com
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