Oreos maker Mondelez fined $365 million by EU competition regulator
By Andrea Figueras
European Union antitrust authorities fined Oreo maker Mondelez International 337.5 million euros ($365.3 million) for restricting sales of its products among the bloc's member states.
The Chicago-based snack and candy maker-which also houses brands such as Milka, Triscuit and Toblerone-said Thursday that it reached a settlement with the European Commission, the EU's executive arm, that concluded its investigation into cross-border sales of products.
The company had already booked a provision for the case last year and won't need further measures to fund the fine, it said.
The commission said an investigation found Mondelez (MDLZ) breached EU competition rules by taking part in what it called anticompetitive agreements to restrict cross-border trade of a number of products and abuses of the company's dominant position in certain national markets for the sale of chocolate tablets. The fine relates to sales of chocolate, cookies and coffee products, the EU body said.
The investigation concluded that the company's practices prevented retailers from freely sourcing products from lower-priced member states, the commission said.
Mondelez said the EU decision relates to historical, isolated incidents, most of which ceased or were addressed well in advance of the commission's investigation. The incidents probed by the EU account for a limited part of Mondelez's European business, it said.
In 2019, the European Commission carried out unannounced inspections at Mondelez's premises in Austria, Belgium and Germany, and opened formal proceedings in 2021.
The commission said it granted the company a 15% reduction of the fine based on its cooperation and acknowledgement of responsibility.
Write to Andrea Figueras at andrea.figueras@wsj.com
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05-23-24 0633ET
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