PARIS, Oct 30 (Reuters) – France’s competition authority said on Wednesday it had fined electric equipment makers Schneider Electric, Legrand, Rexel (RXL.PA), and Sonepar a total of 470 million euros ($508.49 million) for fixing prices.
Schneider Electric was fined 207 million euros, Rexel (RXL.PA), 124 million euros, Sonepar 96 million euros and Legrand (LEGD.PA) 43 million.
The decision sanctions two price agreements: one between Schneider Electric and its distributors Rexel and Sonepar from December 2012 to September 2018; and the other between Legrand and its distributor Rexel from May 2012 to September 2015, the watchdog said.
“Schneider Electric firmly disagrees with the finding of the French Competition Authority and rejects any allegation that its distribution practices are not compliant with competition rules,” the company said in a statement.
All four of the companies contested the decision by the antitrust agency. Sonepar said it would appeal before the Paris Court of Appeal.
Schneider reported third-quarter revenue of 9.3 billion euros on Wednesday, a growth of 6% on a reported basis.
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