Japan beer giants raided over alleged price-fixing cartel
Asahi and Kirin confirmed their premises were searched by Japanese competition authorities.
Japanese authorities have raided the headquarters of four major beer companies - Asahi, Kirin, Sapporo, and Suntory - over allegations of colluding to increase the price of their beverages. The Japan Fair Trade Commission confirmed the searches and assured that the firms would cooperate fully with the investigation. Shares of Asahi, Kirin, and Sapporo dropped after the news of the probe broke.
Suntory, which is not publicly traded, was also targeted but has not issued a comment yet. The investigation appears to focus on price hikes in April 2021 and October 2022, with all four companies citing increased costs for raw materials, energy, and transportation as the rationale for the price adjustments. Kirin Holdings stated that it takes the alleged violation of the Antimonopoly Act very seriously and will cooperate fully with the investigation.
Asahi Breweries and Kirin confirmed they are subject to an investigation regarding a suspected breach of the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade. Both companies pledged to work closely with the commission. The Japan Fair Trade Commission has yet to comment on the matter.
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