88On the basis of the case-law referred to in paragraph 86 above, the Commission is primarily required to ensure that the penalty does not become ‘negligible’ in the light, inter alia, of the financial capacity of the undertakings concerned, but that does not mean that an undertaking with a particularly high turnover as compared with that of its fellow cartel members must have its fine increased in strict accordance with the ratio of its turnover to that of all the other undertakings involved in the cartel. If that were the case, the fines imposed on the largest undertakings in a cartel, increased on the basis of such an arithmetic method, would admittedly be likely to have a sufficiently deterrent effect, but would run the risk of being disproportionate to the gravity of the infringement actually committed, particularly where, as in the present case, there is a considerable difference between the turnovers of the undertakings concerned (see Case C-511/11 P Versalis v Commission [2013] ECR, paragraph 105).
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