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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Unilever    ULVR   GB00B10RZP78

UNILEVER (ULVR)
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Unilever : Italy fines Unilever for abuse of dominant position in ice cream

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12/06/2017 | 07:45pm CEST
The company logo for Unilever is displayed on a screen on the floor of the NYSE

ROME (Reuters) - Italy's antitrust agency said on Wednesday it had fined Unilever's (>> Unilever) (>> Unilever (NL)) Italian unit more than 60 million euros (£52.9 million) for abusing its dominant position in the country's ice cream market.

ROME (Reuters) - Italy's antitrust agency said on Wednesday it had fined Unilever's (>> Unilever) (>> Unilever (NL)) Italian unit more than 60 million euros (£52.9 million) for abusing its dominant position in the country's ice cream market.

It said Unilever had abused its position in single-wrapped so-called impulse ice creams, intended for immediate consumption, which it sells through its "Algida" brand.

The local unit of the world's biggest ice cream maker said in a statement it rejected the agency's conclusion and would appeal.

Italian authorities started the probe in 2013 when a small producer of organic fruit lollies called La Bomba accused Unilever of forcing local retailers not to sell its popsicles.

La Bomba, based in the seaside town of Rimini, said Unilever had struck deals with operators of beach resort, bars and campsites to exclusively sell the bigger firm's ice creams.

La Bomba makes less than 1 million euros a year.

Italians ate 5.15 billion euros-worth of ice cream in 2015, according to the antitrust agency, and sales of individually-wrapped treats were worth 780 million euros.

"The market for ice cream (to be consumed) outside the home is a highly competitive one in which artisan and industrial, bulk and packaged products compete for the consumer's attention in a fragmented landscape that is like no other in Europe," Unilever said.

Selling the Magnum, Carte d'Or and Cornetto ice cream brands as well as other food, home and personal care goods, Unilever makes around 1.4 billion euros a year in Italy.

Unilever can appeal the ruling at a regional court.

(Reporting by Giselda Vagnoni and Gavin Jones; Writing by Isla Binnie; Editing by Mark Potter)

Stocks treated in this article : Unilever (NL), Unilever
Stocks mentioned in the article
ChangeLast1st jan.
UNILEVER (NL) 0.53% 46.095 Delayed Quote.-2.90%
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Financials (€)
Sales 2018 52 028 M
EBIT 2018 9 452 M
Net income 2018 5 964 M
Debt 2018 21 294 M
Yield 2018 3,35%
P/E ratio 2018 18,61
P/E ratio 2019 19,42
EV / Sales 2018 2,97x
EV / Sales 2019 2,93x
Capitalization 133 B
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 50,4 €
Spread / Average Target 12%
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Managers
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Paulus Gerardus J. Polman Chief Executive Officer & Executive Director
Marijn E. Dekkers Chairman
Graeme David Pitkethly Chief Financial Officer & Executive Director
David Blanchard Chief Research & Development Officer
Ann Marie Fudge Vice Chairman
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