MEXICO CITY May 15 Mexico's competition
watchdog said on Monday it had fined Japan's Panasonic Corp
for failing to disclose that its purchase of Spanish
auto parts maker Ficosa International would boost its
indirect ownership of Ficosa Mexico.
Panasonic bought a 49 percent stake in Ficosa in 2015.
The Federal Economic Competition Commission (Cofece) said it
fined Panasonic Corp, Panasonic Europe, Ficosa Inversion and
Pindro Holding 14.02 million pesos ($751,000) each for failing
to inform authorities that the transaction would give Panasonic
a more than 35 percent indirect stake in Ficosa Mexico.
In March, Panasonic Corp agreed to become majority owner of
Ficosa International, with an additional 20 percent stake
purchase, as it bolstered its push into the automotive field.
($1 = 18.6600 Mexican pesos)
(Reporting by Anthony Esposito; Editing by Bernadette Baum)