ADM loses court challenge over fine

Archer Daniels Midland Co. lost an appeal at the European Union's highest court against a 10.1 million-euro ($13.6 million) antitrust fine levied eight years ago for fixing prices of a chemical used to clean glass and metal.

"The appeal must be dismissed in its entirety, since the grounds put forward in its support are in part inadmissible and in part unfounded," the European Court of Justice in Luxembourg ruled yesterday.

The EU's antitrust regulator found that the Decatur-based company had for years rigged prices for sodium gluconate in a cartel with competitors including Akzo Nobel NV. ADM, the world's largest grain processor, in 2006 lost a first challenge of the fine levied by the European Commission.

The companies, which the EU agency said controlled most of global production of sodium gluconate at the time, held more than 25 meetings where they agreed on sales quotas, fixed prices and shared specific clients. The Brussels-based commission fined five companies, including Avebe UA and Roquette Freres SA, saying the global cartel lasted from 1987 to 1995.

"We're disappointed by this result," said Roman Blahoski, an ADM spokesman, in an e-mail. "The monies have been in escrow for years and will not have any impact on current financial results."

The commission, the antitrust regulator for the 27 EU nations, said the judgment "confirms that the commission" and the lower court "correctly assessed the gravity of this cartel."

The case is C-510/06 Archer Daniels Midland v. Commission.