Philips and Samsung raided by EU inspectors

Philips, Samsung Electronics and Media-Saturn, Europe's largest chain of consumer electronics stores, have said they were among firms visited by European Commission officers this week on suspicion of breaking competition rules.

The commission said its officers had raided several companies involved in making and selling consumer electronics and small domestic appliances, concerned that the firms had worked together to limit the sale of some goods online to drive up their prices.

The investigation comes as traditional electronics retailers wage a fierce battle with online rivals such as Amazon.

The EU antitrust regulator can fine companies up to 10 per cent of their global revenue for breaking EU rules.

All three companies said they were co-operating with the EU authorities. – (Reuters)