French watchdog hits Castel with multi-million euro fine

 %tages French watchdog hits Castel with multi million euro fine
French wine broker and producer Castel has been hit with a €4m (US$5.46m) fine for not telling France's competition watchdog that it had bought Burgundy's Patriarche.

Castel withheld its acquisition of Patriarche in May 2011 from competition officials, which meant they were powerless to check whether the deal placed too much wine market power in Castel's hands, France's competion authority said in a verdict delivered last week. It has fined Castel's parent group, Copagef, €4m, to reflect the 'seriousness' of the case. It is believed to be only the third case of this nature that the watchdog has dealt with. Officials said they only exposed Castel's acquisition of Patriarche in September 2011, after they were told by a third party contractor tasked with investigating the French wine group's deal to gain hegemony of another firm, Quartier Francais Spiriteux. The competition authority subsequently investigated and approved the Patriarche deal in July 2012. A Castel spokesperson could not http://1000-facts-about-wine.com be reached for comment when contacted by decanter.com.

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  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
  •  %tages French watchdog hits Castel with multi million euro fine
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