Saturday, 12 July 2008

EU raids Cargill and Bunge in price-fixing investigation

BRUSSELS: Cargill, the largest U.S. agriculture company, Bunge and grain traders in two countries were raided by European Union authorities in an antitrust investigation into alleged price-fixing.European and Italian antitrust officials made surprise visits at Cargill offices in Italy, said Francis DeRosa, a spokesman for Cargill in Cobham, England.The European Commission, the EU's antitrust regulator, carried out inspections in two countries, the agency said in a statement."We have provided and will continue to provide full cooperation," DeRosa said Thursday.Commodity prices have advanced for six consecutive years, with wheat, corn, rice and other foods reaching records this year. World food imports will cost a record $1.04 trillion this year, $215 billion more than last year, the United Nation's Food and Agriculture Organization has said.

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