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ARTICLE · 29 JANUARY 2020

Competition Newsletter January 2020

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On December 18, 2019, the French Competition Authority fined the four main meal voucher issuers €415 million for unlawfully agreeing to limit competition ...

European UnionAntitrust/Competition Law

The French Competition Authority severely punishes meal voucher issuers for unlawful agreement

On December 18, 2019, the French Competition Authority fined the four main meal voucher issuers €415 million for unlawfully agreeing to limit competition between them and foreclosing the market by limiting the access of new players. The issuers contest these allegations and have all lodged an appeal before the Paris Court of Appeal against these very heavy sanctions, which they consider unfounded and disproportionate. Several of them consider that the Authority made an erroneous assessment of the meal voucher market.

The meal voucher sector is structured around four companies which alone represent over 98% of this market (Edenred France, Up, Sodexo Pass France and Natixis Intertitres). These specialized companies (the "issuers") sell meal vouchers to employers in consideration for the payment of an amount corresponding to the face value of these vouchers. Companies bear

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