Guitar maker Fender fined €5m for price-fixing

Guitar maker Fender has been handed a multi-million pound fine for price-fixing.

The manufacturer required its instruments to be sold at, or above, a minimum price which in turn restricted retailers - a practice that's illegal.

The company admitted the offence bringing the penalty by the UK competition watchdog down from more than £14m (€16.6) to £4.5m (€5.3m).

It is the largest fine handed out by the Competition and Markets Authority - higher than the £3.7m (€4.3m) fine for Casio Electronics last year.

The CMA could have fined Fender an amount equivalent to up to 10% of its global sales but said it had reduced the fine because the company had admitted guilt.