March 21 (Bloomberg) -- Mitsubishi Electric Corp. and Toshiba Corp. 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 and Alstom SA, 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.
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