Telefonica, Portugal Telecom Fined €79M For Noncompete Plot

Law360, New York (January 23, 2013, 12:23 PM EST) -- The European Commission hit Telefonica SA and Portugal Telecom with €79 million ($105 million) in antitrust fines Wednesday for agreeing in a joint venture takeover contract not to compete with each another on the Iberian Penninsula.

The commission's competition watchdog said the two global telecoms — which are the former state monopolies for Spain and Portugal — violated European antitrust rules by deliberately staying out of each other's home markets from July 2010 to February 2011.

"The commission is committed to ensuring the creation of a...
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