Salmon producers to contest cartel charges at Sept 15-18 hearing

EU-CARTEL/SALMON (UPDATE 1):UPDATE 1-Salmon producers to contest cartel charges at Sept 15-18 hearing

Reuters
Published14 Sep 2024, 02:29 AM IST
Salmon producers to contest cartel charges at Sept 15-18 hearing
Salmon producers to contest cartel charges at Sept 15-18 hearing

(Adds SalMar, Grieg Seafood comment in paragraphs 8-9)

By Foo Yun Chee

BRUSSELS, Sept 13 (Reuters) - Grieg Seafood, SalMar and other Norwegian salmon producers will challenge EU charges of taking part in a cartel and fixing prices at a hearing in Brussels next week, the companies and three people with direct knowledge of the matter said.

The closed-door hearing in front of senior antitrust officials from the European Commission and national watchdogs and possibly third parties comes eight months after the companies were hit with a statement of objections or charge sheet under antitrust legislation.

The EU executive, which acts as the EU competition enforcer, declined to comment.

In its charge sheet, it said Mowi, Mitsubishi Corp's Cermaq, Grieg Seafood, Bremnes, Leroy , and SalMar exchanged commercially sensitive information such as sales prices and production volumes between 2011 and 2019.

It said this only related to sales on the spot market of Norwegian farmed Atlantic salmon into the EU and not sales based on long-term contracts.

The alleged conduct concerns sales of fresh, whole and gutted Atlantic salmon farmed in Norway, which accounts for nearly 80% of all farmed Atlantic salmon exported from Norway. The companies were raided by the EU watchdog in 2019.

Norway accounts for over half of the production of farmed Atlantic salmon worldwide and the EU is its main importer.

Salmar said it strongly disagreed with the Commission's preliminary assessment and would present its views on this at the hearing.

Grieg Seafood confirmed it would attend the hearing and denied any antitrust infringements or anti-competitive behaviour by it or its subsidiaries.

Mowi declined to comment. The other companies did not respond to requests for comment. They all risk fines as much as 10% of their global turnover for breaching EU antitrust rules.

The six companies agreed to pay $85 million to resolve antitrust claims from salmon purchasers in 2022. Earlier this year, a group of UK retailers said they planned to seek damages.

The U.S. Department of Justice closed its investigation in 2023 after sending subpoenas to Mowi, SalMar, Leroy, and Grieg in 2019, the companies have said. (Reporting by Foo Yun Chee; editing by Philippa Fletcher and Jonathan Oatis)

Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:14 Sep 2024, 02:29 AM IST
Business NewsNewsSalmon producers to contest cartel charges at Sept 15-18 hearing

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel share price

    161.30
    12:27 PM | 9 OCT 2024
    1.75 (1.1%)

    Ashok Leyland share price

    223.40
    12:27 PM | 9 OCT 2024
    0.9 (0.4%)

    Indian Oil Corporation share price

    165.05
    12:27 PM | 9 OCT 2024
    0.65 (0.4%)

    Wipro share price

    533.75
    12:27 PM | 9 OCT 2024
    6.95 (1.32%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Divis Laboratories share price

    5,915.10
    12:20 PM | 9 OCT 2024
    368.1 (6.64%)

    Lloyds Metals & Energy share price

    986.90
    12:19 PM | 9 OCT 2024
    57.1 (6.14%)

    Info Edge India share price

    8,420.95
    12:17 PM | 9 OCT 2024
    151.45 (1.83%)

    Infosys share price

    1,970.70
    12:20 PM | 9 OCT 2024
    22.2 (1.14%)
    More from 52 Week High

    One 97 Communications share price

    730.05
    12:20 PM | 9 OCT 2024
    -23.55 (-3.13%)

    Safari Industries India share price

    2,598.05
    12:20 PM | 9 OCT 2024
    -67.5 (-2.53%)

    Bank Of Maharashtra share price

    55.64
    12:19 PM | 9 OCT 2024
    -1.37 (-2.4%)

    Nestle India share price

    2,529.05
    12:20 PM | 9 OCT 2024
    -52.45 (-2.03%)
    More from Top Losers

    RITES share price

    328.50
    12:19 PM | 9 OCT 2024
    27.9 (9.28%)

    Divis Laboratories share price

    5,915.10
    12:20 PM | 9 OCT 2024
    368.1 (6.64%)

    Lloyds Metals & Energy share price

    986.90
    12:19 PM | 9 OCT 2024
    57.1 (6.14%)

    Torrent Power share price

    1,926.75
    12:20 PM | 9 OCT 2024
    109.6 (6.03%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      77,455.000.00
      Chennai
      77,461.000.00
      Delhi
      77,613.000.00
      Kolkata
      77,465.000.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.85/L0.10
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00

      Popular in News

        HomeMarketsPremiumInstant LoanMint Shorts