• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Corning offers to waive exclusive deals in EU antitrust probe, may stave off fine

by November 25, 2024
written by November 25, 2024

By Foo Yun Chee and Bart H. Meijer

BRUSSELS (Reuters) -Glass maker Corning (NYSE:GLW) has offered to scrap all exclusive clauses in its deals with mobile phone makers and raw glass processing companies to end an investigation, EU antitrust regulators said on Monday, a move which would stave off a possible hefty fine.

The U.S. company, which sells a break resistant glass used as a cover for mobile phones, tablets and smart watches under the Gorilla Glass brand, counts Samsung (KS:005930), Sony (NYSE:SONY), Google (NASDAQ:GOOGL), HP (NYSE:HPQ), Dell (NYSE:DELL) and Nokia (HE:NOKIA) as its customers. Apple (NASDAQ:AAPL) is reportedly a customer too.

The European Commission earlier this month launched an antitrust investigation over Corning’s exclusive supply deals that may exclude rival glass producers from large segments of the market.

The EU competition enforcer said Corning has now proposed to waive all exclusive dealing clauses in its agreements and will not require mobile phone makers to buy Alkali-AS Glass from Corning nor offer them any price advantages conditional on such requirements.

As part of its proposed concessions, Corning will also drop requirements that mobile phone makers and raw glass processing companies buy more than 50% of their demand from the company.

The Commission said third parties have six weeks to provide feedback to the offer before deciding whether to accept the concessions with any finding of antitrust breaches. Corning’s offer would for nine years if accepted.

Antitrust violations can cost companies as much as 10% of their global annual turnover.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Barclays raises 2025 S&P 500 index forecast to 6,600 from 6,500
next post
TD Bank prepares to hire compliance monitors as US CEO reassures staff

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025
    • This California startup is cleaning water and removing CO₂ from the atmosphere — all at a reduced cost

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (504)
    • Stock (6,426)

    Latest News

    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

    Popular News

    • Bank of America CEO says financial industry will jump into crypto payments if regulators allow it
    • German budget deal to save coalition is possible, Scholz ally says

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy