Spanish High Court Annuls € 20 Million Fine Imposed On REPSOL

On 22 December 2017, the Spanish High Court (Audiencia Nacional) delivered a judgment annulling a 2015 decision adopted by the Spanish Competition Authority ("CNMC") against REPSOL S.A. In its 2015 decision, the CNMC imposed a fine of € 20 million on REPSOL for anticompetitive practices on the market for the distribution of automotive fuel, which included price coordination, the exchange of strategic price information and the conclusion of non-aggression price pacts with some of its competitors in relation to certain of their associated petrol stations.

In its decision, the CNMC found that the anticompetitive conduct was carried out by a distribution subsidiary of the REPSOL group. However, the CNMC adopted the decision solely against REPSOL S.A., and not against its fully-owned subsidiary, which was actually involved in the infringement. The CNMC based its decision on the presumption that REPSOL S.A. exercised decisive influence over the subsidiary during the