COMPETITION / CARTELS : EU COURT CUTS BASF AND DAIICHI'S VITAMIN CARTEL FINES.

Vitamin manufacturers BASF and Daiichi Pharmaceutical on 15 March won a reduction on fines imposed by the European Commission following cartel action in November 2001 - but the total fine in the vitamin case remains the largest ever levied in anti-cartel enforcement.

The Commission fined the pair after deciding in 2001 that they were involved in cartels in 12 different vitamin markets along with several other companies. German chemicals giant BASF was fined a total of 296.16 million, whilst Japanese Daiichi was hit for 23.4 million for its part - together with BASF and Hoffmann-La Roche - in a cartel rigging the vitamin B market.

The two companies appealed to the Court of First Instance (CFI) asking it to overturn the Commission's Decision or reduce the fines. The CFI rejected the majority of BASF and Daiichi's arguments but found that some of the fines should be reduced because the Commission committed errors...