Mexico’s competition watchdog said on Monday it had fined Japan’s Panasonic for failing to disclose that its purchase of Spanish auto parts maker Ficosa International would boost its indirect ownership of Ficosa Mexico. Panasonic bought a 49 percent stake in Ficosa in 2015.
The Federal Economic Competition Commission (COFECE) said it fined Panasonic, Panasonic Europe, Ficosa Inversion and Pindro 14.02 million pesos ($751,000 USD) each for failing to inform authorities that the transaction would give Panasonic a more than 35 percent indirect stake in Ficosa Mexico.
In March, Panasonic agreed to become majority owner of Ficosa International, with an additional 20 percent stake purchase, as it bolstered its push into the automotive field.
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