Philips is fined nearly 30 million euros

The European Commission fined Philips 29.8 million euros for setting minimum prices for the sale of electronic devices in online shops. According to Brussels, the Dutch group's conduct is in conflict with European rules.

Technology companies Asus (Taiwan), Pioneer and Denon & Marantz (both from Japan) were also fined. They have to pay respectively 63.5, 10.2 and 7.7 million euros in Brussels. In total, the European Commission imposed fines of 111.2 million euros in the case.

According to European Commissioner Margrethe Vestager (Competition), the four companies imposed price restrictions on online consumer electronics suppliers. When online shops sold their products below minimum prices, they were threatened with sanctions such as blocking deliveries. In addition, electronics manufacturers were monitoring prices online in "advanced" ways, which allowed them to intervene quickly in case of lower prices

Millions of European consumers had to pay more for kitchen appliances, hair dryers, earphones and other products. writes Vestager. It qualifies the price agreements as "illegal under European competition rules".

Philips broke the rules in France between 2011 and 2013 with household appliances, coffee makers, vacuum cleaners, home video systems, electric toothbrushes and hair dryers. Because the technology group has cooperated with the investigation, the fine is 40 percent lower, the commission reports Tuesday. Philips announced earlier this month that it had set aside 30 million euros.

Denon and Marantz and Pioneer were both wrong in the Netherlands. They also participated in the research.

Consumers or businesses that have been duped may bring an action for compensation.