AMSTERDAM (Reuters) – Electronics maker Samsung (KS:) has been fined 40 million euros ($46.9 million) for price fixing in the Netherlands, Dutch competition watchdog ACM said on Wednesday.

According to the market regulator, Samsung had for many years pushed up prices in the Netherlands by constantly asking retailers to increase their prices if the price was lower than Samsung’s prefer market rate.

The ACM stated that this practice hampered competition among seven largest Dutch online electronics retailers. Samsung also made clear to each retailer involved that its pricing policies would be followed by all other competitors.

Samsung also made contact with retailers to address complaints by their competition about the price of TVs, as documents obtained from the regulator show.

The watchdog stated that Samsung’s actions were not isolated and did not come without its consequences. Its behavior distorted competition, and increased prices for consumers.

Samsung stated it will appeal the fine. It maintained that it never required retailers to follow its pricing advice, and that they were free to choose their own strategies.

The regulator stated that Samsung had to have known its attempts to affect prices was more than just normal guidance. It actually served to structurely set the prices for its TVs.

($1 = 0.8537 euros)