Wednesday, August 07, 2013

Abbott agrees to pay $12 million fine in China baby milk price fixing probe

SHANGHAI (Reuters) - Abbott Laboratories has agreed to pay a fine amounting to around $12 million, a spokeswoman said in emailed comments on Wednesday, following Chinese investigations into price fixing and anti-competitive practices by foreign baby formula makers.

China's top economic planner fined six companies a total of 670 million yuan ($109.45 million), China's state media reported earlier on Wednesday, including Abbott, Mead Johnson, Dumex, Fonterra, Friesland and Biostime.

($1 = 6.1217 Chinese yuan)

(Reporting by Shanghai Newsroom Writing by Adam Jourdan; Editing by Kazunori Takada)

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