RNS Number : 3562N
Mecom Group PLC
27 September 2012
27th September 2012
MECOM GROUP PLC
Decision regarding the Dutch Competition Authority
On 14th July 2010 Mecom Group plc ("Mecom") announced that the Dutch Competition Authority (the "NMa") had fined Mecom's Dutch subsidiary, Koninklijke Wegener N.V. ("Wegener"), €19.3 million (together with aggregate fines of €1.3 million on five unnamed individuals), in respect of alleged breaches of undertakings given by Wegener at the time of its acquisition of VNU Dagbladen in March 2000. Mecom has recorded a provision of €10.4 million in its financial statements in respect of these fines.
Following a submission by Wegener to the Independent Complaints Commission (the "CAC") of the NMa and the publication of the CAC's findings, the NMa announced on 24th August 2011 that it would uphold the fines it had imposed on 14th July 2010. Having reviewed the findings of the CAC, which were substantially supportive of Wegener's position, Mecom announced on 31st August 2011 that Wegener would challenge the NMa's original decision in court.
The Board of Mecom announces that the District Court of Rotterdam (the "Court") has today informed Wegener of the outcome of its hearing of Wegener's legal challenge. In summary, the Court has substantively upheld Wegener's challenge and proposed that the fine on Wegener should be reduced to €2 million and the fine on the unnamed individuals be reduced to, in aggregate, €200,000, resulting in a total cost to Wegener of €2.2 million.
When the Boards of Mecom and Wegener have had an opportunity to review fully the Court's determination and its implications, a further announcement will be made. A more detailed summary of the Court's findings will also be published at the same time.
Keith Allen, Chief Operating Officer +44 20 7925 7200
Henry Davies, Group Finance Director
Ben Foster +44 20 3603 5220
This information is provided by RNS
The company news service from the London Stock Exchange