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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 CET
The company logo for Unilever is displayed on a screen on the floor of the NYSE

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.

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
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Financials (€)
Sales 2017 53 749 M
EBIT 2017 9 387 M
Net income 2017 6 020 M
Debt 2017 17 854 M
Yield 2017 3,04%
P/E ratio 2017 22,18
P/E ratio 2018 19,87
EV / Sales 2017 2,90x
EV / Sales 2018 2,91x
Capitalization 138 B
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 50,8 €
Spread / Average Target 9,1%
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NameTitle
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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