On 19 July 2012 the Bulgarian Commission on Protection of Competition (“CPC”) handed down a commitments decision (the “Commitments Decision”) and closed an investigation for alleged horizontal coordination of pricing and marketing policy by six retailers – “Metro Cash & Carry Bulgaria” EOOD (“Metro”), “Billa Bulgaria” EOOD (“Billa”), “Kaufland Bulgaria EOOD & Co.” KD (“Kaufland”), “Picadilly” EAD (“Picadilly”), “Maxima Bulgaria” EOOD (“Maxima”) and “HIT Hypermarket” EOOD (“HIT”). Investigation: The CPC launched an investigation in 2009 in response to complaints by suppliers and business organizations alleging abusive practices in the distribution chain of fast moving consumer goods and discrimination against local suppliers by large retail chains. The CPC initially investigated

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