EC fines firms over price collusion

Consumer goods giants Unilever and Procter and Gamble have been fined a combined £280m for colluding to fix their prices.

The European Commission found the two firms, along with rival Henkel, shared information about laundry detergent pricing in eight countries.

The Commission fined Unilever £92m while Procter and Gamble were hit with a £188m fine.

Henkel was let off after it blew the whistle to the regulator.