China fines baby formula firms $137 million for price-fixing
SHANGHAI/BEIJING (REUTERS) - China fined six companies, including Mead Johnson Nutrition Co, Danone and New Zealand dairy giant Fonterra, a total of US$110 million (S$139.6 million) following an investigation into price fixing and anti-competitive practices by foreign baby formula makers.
The other three penalised were Abbott Laboratories, Dutch dairy cooperative Friesland Campina and Hong Kong-listed Biostime International Holdings, the National Development and Reform Commission (NDRC) said on Wednesday.
The fines, which follow a four-month antitrust probe by the NDRC, coincide with separate pricing investigations into 60 foreign and local pharmaceutical firms as well as companies involved in gold trading. Those probes have yet to conclude.
The official Xinhua news agency said the fines were a record for China, although it did not elaborate.