Electrolux to Receive Statement of Objections From the French Competition Authority
(4 months ago)
STOCKHOLM, Feb. 11: The French Competition Authority has informed Electrolux that it will issue a Statement of Objections alleging that Electrolux and other appliance manufacturers have acted in breach of antitrust rules in France during the period September 2006 to April 2009.
A Statement of Objections is a formal step in an investigation whereby the Competition Authority informs the concerned parties of its preliminary conclusions. The Statement of Objections does not prejudge the final outcome of the case.
As previously disclosed in Electrolux annual reports, Electrolux became in 2013 the subject of an investigation by the French Competition Authority regarding a possible violation of antitrust rules.
The Authority has thereafter decided to conduct two separate investigations. In one of the investigations, the Authority has now informed Electrolux that it intends to issue a Statement of Objections in March 2018, alleging that Electrolux and other appliance manufacturers have coordinated their prices of large domestic appliances in France during the period September 2006 to April 2009. As for the other investigation, which is still ongoing, the Authority has so far not communicated any conclusions and it is therefore too early to assess to what extent that investigation may affect the Group. Electrolux is cooperating fully with the Authority in these investigations.
The Statement of Objections will be analyzed by Electrolux when received. Given the nature of these investigations, it cannot be ruled out that the outcome could have a material impact on Electrolux financial result and cash flow. At this stage it is however not possible to evaluate the extent of such an impact.