9 Dec, 2008 - Dole Food announced it has negotiated a deal with the European Commission to delay the payment of a EUR 45.6 million fine for its part in a banana price-fixing cartel.
The US giant said yesterday it will now not be obliged the to pay the full amount, originally due on 22 January, 2009, for helping to fix prices in Northern Europe over a period of two years.
Under the agreement, if Dole pays EUR 10 million by the January deadline, the EC will allow the company to pay the outstanding balance plus interest by 30 April, 2009.
The European Commission fined Dole Foods and German company Weichert – owned by Fyffes – a total of EUR 60.3 million for fixing the price of bananas between 2000 and 2002 in the Northern European market.