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Mitsubishi Electric, Toshiba Face New Cartel Fines, EU Says

Mitsubishi Electric Corp. (6503) and Toshiba Corp. (6502) face new European Union antitrust fines over a cartel after earlier penalties were overturned in court.

“The decision will be readopted for the two companies for which the general court annulled the fine,” Antoine Colombani, a spokesman for the European Commission, said in an e-mail.

The EU General Court last year ruled the European Commission, the 27-nation EU’s antitrust regulator, had fined the two Asian companies more harshly than European competitors for an electrical-equipment cartel.

The EU fined 10 companies, including Areva SA (CEI) and Alstom SA (ALO), a total of 750.7 million euros ($994.5 million) in January 2007 for fixing prices and carving up the market for gas- insulated switchgear, used to control electrical flow from 1988 to 2004.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

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