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IFX - Infineon Technologies AG News Story

€31.94 0.6  1.8%

Last Trade - 10:05am

Sector
Technology
Size
Large Cap
Market Cap £35.46bn
Enterprise Value £38.70bn
Revenue £8.68bn
Position in Universe 37th / 1051

UPDATE 1-Infineon fine cut by 7%, EU court faults antitrust regulators' ruling

Wed 8th July, 2020 11:09am
(Adds Court quote, details)
    By Foo Yun Chee
    BRUSSELS, July 8 (Reuters) - Europe's second top court on
Wednesday cut Infineon Technologies'  IFXGn.DE  cartel fine by
7% to 76.87 million euros ($86.7 million), saying that the
German chipmaker had fewer anti-competitive contacts with other
cartel members than EU antitrust regulators had said.
    The European Commission had in 2014 imposed a total fine of
138 million euros on Infineon, Philips  PHG.AS  and Samsung
Electronics  005930.KS  for taking part in a cartel between 2003
and 2005. Infineon's penalty at 82.78 million euro ($93.3
million was the biggest. 
    Japanese chipmaker Renesas  6723.T  escaped a fine because
it alerted the cartel to the EU competition enforcer.
    The Luxembourg-based General Court faulted the Commission
over its work.
    "The Commission took insufficient account of the limited
number of the anti-competitive contacts which Infineon had with
its competitors and also found that company had a contact
without succeeding in proving its existence," judges said.
    The Court of Justice of the European Union (CJEU) in 2018
told the General Court to review the case again after Infineon
appealed the lower tribunal's 2016 ruling, rejecting its
challenge against the EU antitrust fine.
    The judgment can be appealed to the CJEU on points of law.  
 The case is T-758/14 RENV Infineon.
    ($1 = 0.8872 euros)


($1 = 0.8871 euros)

 (Reporting by Foo Yun Chee, editing by Louise Heavens)
 ((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
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