By ABC (Business) | Created at 2024-12-13 23:12:25 | Updated at 2024-12-14 01:58:59
2 hours ago
Walmart’s Mexico subsidiary says it plans to appeal a $4.6 million fine for alleged monopolistic practices involving suppliers
ByThe Associated Press
December 13, 2024, 5:48 PM
MEXICO CITY -- 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.
