MEXICO CITY, May 15 (Reuters) - Mexico’s competition watchdog said on Monday it had fined Japan’s Panasonic Corp for failing to disclose that its purchase of Spanish auto parts maker Ficosa International would boost its indirect ownership of Ficosa Mexico.
Panasonic bought a 49 percent stake in Ficosa in 2015.
The Federal Economic Competition Commission (Cofece) said it fined Panasonic Corp, Panasonic Europe, Ficosa Inversion and Pindro Holding 14.02 million pesos ($751,000) each for failing to inform authorities that the transaction would give Panasonic a more than 35 percent indirect stake in Ficosa Mexico.
In March, Panasonic Corp agreed to become majority owner of Ficosa International, with an additional 20 percent stake purchase, as it bolstered its push into the automotive field.
$1 = 18.6600 Mexican pesos Reporting by Anthony Esposito; Editing by Bernadette Baum