Consumer
Walmart’s Mexico Arm Abused Market Power, Watchdog Says
- Mexico competition agency said Walmart Mexico arm abused power
- Company says it faces a fine that’s less than $5 million
Wal-Mart de México SAB shares gained after the nation’s biggest retailer emerged from an antitrust probe with a fine of less than $5 million, a tiny fraction of its revenue.
Mexico’s competition watchdog found the company engaged in monopolistic practices regarding “contributions from providers,” according to a statement from the company, which said it will challenge the decision. Walmex, as the Mexican unit of Walmart Inc. is known, said that the board of Mexico’s antitrust agency was split on the decision and that it faces a fine of 93.4 million pesos ($4.6 million).