European competition authorities hit GdF Suez and Eon, two of Europe’s largest utilities, with a combined fine of more than €1.1bn ($1.6bn) for colluding in a carve-up of their respective domestic markets.

The European Commission imposed fines of €553m each on Germany’s Eon and GdF Suez over a deal dating back to 1975, which was drawn up when they jointly built the Megal pipeline, which transports Russian gas from the German-Czech and German-Austrian borders to the French-German border.