A cartel of four rechargeable battery manufacturers has been fined a total of £147 million by the European Commission (EC) for colluding to rig prices.

One member of the cartel, Samsung, was spared any fine for informing on the other three, which were Sony Corporation and companies (fined £26 million), Panasonic Corporation and companies (fined £35 million) and Sanyo with Panasonic companies (fined £86 million).

The companies shared with each other the prices they were going to charge in competitive bidding situations and agreed levels of price increases when the price of cobalt went up from 2004 to 2007, all in breach of the Competition Act.