MILAN (Reuters) -Italy's antitrust authority said on Tuesday it had imposed fines exceeding 32 million euros ($37.18 million) on energy company Eni and its plastics unit Novamont for abuse of a
Eni and Novamont Fined €32 Million for Market Abuse in Italy
MILAN (Reuters) -Italy's antitrust authority said on Tuesday it had imposed fines exceeding 32 million euros ($37 million) on energy company Eni and its plastics unit Novamont for abusing a dominant market position in the production of plastic bags.
Novamont, which makes bioplastics, employed practices aimed at excluding competitors in domestic markets for raw materials used to produce light and ultra-light bags for fruit and vegetables, the regulator said in a statement.
It fined Eni 1.7 million euros, while Novamont faced penalties totalling 30.4 million euros for market abuse spanning from at least January 1, 2018 to December 31, 2023.
Novamont "firmly disagrees" with the watchdog's decision, the bioplastics maker said in a statement, adding it would "assert its rights in judicial proceedings".
During the antitrust probe, the company "clearly demonstrated" that its commercial practices were "fair and aimed at safeguarding innovation, quality and value in the Italian market", it said.
($1 = 0.8607 euros)
(Reporting by Cristina Carlevaro. Editing by Gavin Jones and Mark Potter)
