Schneider Electric, Legrand Indicted After French Pricing Probe
October 21 2022 - 2:04AM
Dow Jones News
By Pierre Bertrand
Schneider Electric SE and Legrand SA said late Thursday that
they have been indicted for an alleged price agreement mechanism in
violation of competition rules.
The indictments follow an investigation into the companies'
practices carried out in 2018 by a judge and France's competition
regulator.
"The investigating judge decided to indict Schneider Electric
and to require the company to provide a bank guarantee of EUR20
million and a cash guarantee of EUR80 million to be paid in January
2023," Schneider Electric said.
In a separate statement, Legrand said one of its units was
indicted and ordered to provide 80.5 million euros ($78.8 million)
security.
The companies said that the indictments aren't proof of
wrongdoing, and that they intend to defend themselves.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 21, 2022 01:49 ET (05:49 GMT)
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