Mexico’s antitrust watchdog rules Gruma may fix tortilla market prices By Reuters

MEXICO CITY (Reuters) – Mexico’s antitrust watchdog Cofece ruled on Monday that corn flour and tortilla maker Gruma can fix market prices, concluding after an investigation that competitive conditions did not exist in the key food segment .

In his ruling, Cofece ordered Gruma, which he said controls between 50% and 90% of the market, to divest some of its assets and stop the various trading strategies it uses.

The investigation of the antitrust body concerned both the distribution and marketing of corn, as well as the production, distribution and marketing of corn flour and related services, according to the announcement published in the Official Government Gazette.

“This market is fundamental to Mexico’s economy and to the well-being of consumers, particularly due to the impact it has on the price of tortillas,” according to the Cofece ruling, referring to the country’s staple food.