MEXICO CITY (AP) — Walmart’s Mexico subsidiary said Friday it plans to appeal a $4.6 million fine for alleged anti-competitive practices involving suppliers.
Walmart de Mexico said in a statement that it had talked with suppliers to see if there were any concerns. The agency that issued the fine, known as the Federal Competition Commission, expressed concerns about a “relative monopolistic practice.”
The commission, Mexico's main anti-monopoly regulatory agency, is one of several independent agencies soon to be eliminated as part of what the government describes as a money-saving measure.
It apparently levied the fine after at least one rival store chain accused Walmart of using its substantial purchasing power to gain discounts that put other sellers at a disadvantage.
Walmart is by far the largest retail chain in Mexico. It called the decision “incorrect” and said it contained “errors in applying the law.” The company said it would abide by the agency’s ruling Thursday, but would appeal the decision.
Walmart's shares rose about 7.5% on the Mexican stock exchange Friday.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
