UPDATE 1-EU charges Philips, LG Display with LCD price-fixing

Mon Jul 13, 2009 10:57am BST
 
Email | Print | | Single Page
[-] Text [+]

(Adds details from EU Commission, companies' statements)

BRUSSELS, July 13 (Reuters) - Dutch electronics maker Philips (PHG.AS) and South Korea's LG Display (034220.KS) (LPL.N) said on Monday they had received a charge sheet from the EU's executive arm about suspected price-fixing on LCD panels.

The European Commission said earlier that it had sent a "statement of objections" to a number of liquid-crystal display makers for suspected violation of cartel rules, but did not name the companies involved.

"The product under investigation is the main component of thin, flat monitors used in mobile phones, televisions, computers, digital watches, pocket calculators, portable music players (MP3) and digital cameras," a statement from the antitrust watchdog of the 27-country European Union said.

Philips said it received the charge sheet as a former shareholder of LG Display and this did not mean it was directly involved.

LG Display, the world's No. 2 maker of LCD panels, said it was reviewing the statement of objections but declined to comment further.

The statement of objections is a formal step in EU antitrust investigations in which the Commission informs the parties concerned about the objections raised against them.

Sending a statement of objections does not prejudge the final outcome of the procedure, the Commission says, and the companies can reply to its objections.

In a separate case, LG Display in November pleaded guilty to LCD price-fixing in the United States, along with Japan's Sharp Corp (6753.T) and Taiwan's Chunghwa Picture Tubes (2475.TW). LG Display paid $400 million in fines then.  Continued...

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos