Packaging company Smurfit Kappa Group said its Italian unit had been fined €124m after authorities found it was among dozens of companies to have engaged in anti-competitive practices.
The company said it would appeal the decision.
The investigation by the Italian Competition Authority started in 2017 and involved around 50 companies, Smurfit Kappa said.
All of those companies had been found to have engaged in anti-competitive behavior, it added.
'Smurfit Kappa is very disappointed with the decision of the ICA on many levels and will vigorously appeal this decision on both administrative and substantive grounds,' Smurfit Kappa said.
The fine would be taken as an exceptional charge in the current year's accounts.
At 1:05pm: (LON:SKG) Smurfit Kappa Group PLC share price was -19p at 2419p