China Fines Milk Powder Makers $110 Million for Price Fixing

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China fined six companies, including Mead Johnson Nutrition Co, Danone and New Zealand dairy giant Fonterra, a total of $110 million following an investigation into price fixing and anti-competitive practices by foreign baby formula makers. The other three penalised were Abbott Laboratories, Dutch dairy cooperative FrieslandCampina and Hong Kong-listed Biostime International Holdings, the National Development and Reform Commission (NDRC) said on Wednesday. The fines, which follow a four-month antitrust probe by the NDRC, coincide with separate pricing investigations into 60 foreign and local pharmaceutical firms as well as companies involved in gold trading.

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