According to CCTV Finance citing a report from CNN on the 23rd, the manufacturer of several well-known food brands, including Oreo and Cadbury, Yizi International, has been fined 337.5 million euros (approximately 2.64 billion yuan) in the European market.
Margaret Vestager, the European Commission's Commissioner for Competition Affairs, stated in a statement on the same day that it was discovered that Yizi International had illegally restricted the trade of its chocolate, cookies, and coffee among EU member states, resulting in related products maintaining high prices in some countries.
According to Reuters, the European Commission stated that Yizi International has participated in anti competitive transactions and abused its dominant position, violating EU antitrust laws. After Yizi International admitted its mistake, the fine imposed on the company was reduced by 15%.
According to reports, the European Commission launched an official investigation into this in 2021, and the investigation results showed that Yizi International has prevented retailers from freely purchasing between EU member states at lower prices. The European Commission believes that this behavior is illegal and harms the interests of consumers in EU countries such as Austria, Belgium, Bulgaria, and Romania, where chocolate bars and other products are relatively expensive.
According to the 2024 Q1 report released by Yizi International at the end of April, the company achieved a net income of 9.29 billion US dollars and a net profit of 1.416 billion US dollars. An earlier 2023 annual report showed that the company achieved a net income of $36.016 billion, a year-on-year increase of 14.35%, and a net profit of $4.959 billion, a year-on-year increase of 82.5%.
Screenshot of Yizi International Annual Report
Public information shows that the predecessor of Yizi International was the world's leading food company - Kraft Foods. The company was split into two independent listed companies in October 2012, and its grocery business in North America continued to use the name of Kraft Foods, while its snack business in the global market had a new name - Yizi International. Yizi International is the world's largest manufacturer of chocolate, cookies, and candies, as well as the second largest producer of chewing gum.
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