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Philips faces price-fixing probe | Philips faces price-fixing probe |
(about 3 hours later) | |
Dutch electronics giant Philips has said it will "vigorously oppose" any suggestion that it and Korean firm LG fixed the prices of LCD flat screens. | Dutch electronics giant Philips has said it will "vigorously oppose" any suggestion that it and Korean firm LG fixed the prices of LCD flat screens. |
Philips' comments came after European Commission competition regulators sent it a "statement of objections" to formally outline their suspicions. | |
Brussels suspects Philips and LG may have been part of a wider cartel. | Brussels suspects Philips and LG may have been part of a wider cartel. |
The investigation relates to a jointly-owned Philips and LG business - LD Display - which was set up in 1999. | The investigation relates to a jointly-owned Philips and LG business - LD Display - which was set up in 1999. |
Philips has subsequently sold its share in the unit. | Philips has subsequently sold its share in the unit. |
US fine | US fine |
Issuing a statement of objections is the first formal step in European Union anti-competition investigations, under which the Commission first informs the parties concerned about the objections raised against them. | Issuing a statement of objections is the first formal step in European Union anti-competition investigations, under which the Commission first informs the parties concerned about the objections raised against them. |
It does not prejudice the outcome of an investigation, and firms can reply to the objections. | It does not prejudice the outcome of an investigation, and firms can reply to the objections. |
Last November, LG Display pleaded guilty to LCD price-fixing in the US, paying $400m (£249m) following a parallel investigation by US competition regulators. | Last November, LG Display pleaded guilty to LCD price-fixing in the US, paying $400m (£249m) following a parallel investigation by US competition regulators. |
Japan's Sharp and Taiwan's Chunghwa Picture Tubes were also fined by US authorities in that case. | Japan's Sharp and Taiwan's Chunghwa Picture Tubes were also fined by US authorities in that case. |
Brussels has not said which other firms are involved in its investigation. | Brussels has not said which other firms are involved in its investigation. |
The news comes on the same day that Philips reported a 94% drop in second quarter profits due to a big decline in sales. | The news comes on the same day that Philips reported a 94% drop in second quarter profits due to a big decline in sales. |