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Philips plans to appeal EU fine for competition violation

Philips Electronics said on Wednesday it planned to appeal a European Commission fine for violating competition rules in the cathode-ray tubes industry.

Philips, LG Electronics, Samsung SDI and three other firms were fined a record 1.47 billion euros ($1.92 billion) by EU antitrust regulators for fixing prices of cathode-ray tubes in two cartels lasting nearly a decade.

(Reporting by Gilbert Kreijger; Editing by Sara Webb)