EC inspectors raid Samsung and Philips offices

<p>Philips and Samsung were raided by inspectors from the European Commission.</p>

Inspectors from the European Commission (EC) have raided the offices of major electronics companies including Philips and Samsung as part of a price-fixing investigation.

EC believes that the two firms are among a group of companies that work together to restrict the online availability of certain products, therefore driving up their cost.

"The commission has concerns that the companies concerned may have violated EU antitrust rules that prohibit anticompetitive agreements or concerted practices," EC said in a statement.

Samsung and Philips revealed they have been cooperative with the authorities on the issue, but details of the other companies involved have not been released yet.

EC is focusing on consumer electronics products and small domestic appliances in the investigation into online sales.

The share price of Samsung was down by almost one per cent in trading today (December 6th).

Samsung has also confirmed the opening of its European Innovation Centre at Fleet Place in London's financial and business district today.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.