EU Price-Fixing Fines Loom For E.ON, GDF Suez

Law360, New York (July 7, 2009, 12:00 AM EDT) -- The European Commission has reportedly warned German utility E.ON AG and its French natural gas provider counterpart, GDF Suez, that the regulator will likely fine the companies for allegedly colluding to raise gas prices in France and Germany.

E.ON has received signals that the antitrust agency will decide on a fine, which observers estimate could be as much as €500 million ($699 million), E.ON CEO Wulf Bernotat told reporters at a news conference Tuesday, according to Reuters.

Bernotat also said that the energy giant would likely...
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