The Antitrust Week In Review
Here are some of the developments in antitrust news this past week that we found interesting and are following.
Pilgrim’s Pride to Pay $110 Million to Settle Charges of Fixing Chicken Prices. Pilgrim’s Pride, one of the largest poultry producers in the United States, said on Wednesday that it would pay $110.5 million to settle federal charges that it had helped fix prices and then passed on higher costs for chicken to consumers, restaurants and supermarkets. The company, based in Colorado, said it had agreed to the fine for “restraint of competition” in chicken sales in three contracts to a customer in the United States, according to the statement. The settlement, reached with the Department of Justice, will need to be approved by the U.S. District Court for the District of Colorado. The settlement comes after federal prosecutors ramped up pressure on top industry executives.
LVMH to win EU antitrust approval for Tiffany deal: sources. French luxury goods group LVMH LVMH.PA is set to gain EU antitrust approval for its acquisition of U.S. jeweler Tiffany TIF.N, people familiar with the matter said. The EU decision comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal. Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, which was agreed in November last year before the COVID-19 pandemic emerged and hit countries and companies worldwide. LVMH has countersued Tiffany, alleging that the U.S. company has been mismanaged during the COVID-19 pandemic.
Edited by Gary J. Malone