BRUSSELS — Main tire producers Pirelli, Continental, Michelin and Nokian Tyres have been raided by EU antitrust regulators on Tuesday as a part of an investigation right into a attainable cartel, sending their shares down.
The European Fee, which acts as competitors enforcer within the 27-country European Union, stated it had raided various tire makers in a number of EU international locations. It didn’t present additional particulars, in keeping with its coverage on such issues.
Italian firm Pirelli informed Reuters it had acted pretty and “always in total compliance with all rules and regulations”.
“Pirelli informs that it is guaranteeing full support to the authority in the ongoing investigations,” a spokesman for the Milan-based firm stated.
German rival Continental confirmed that investigations by European antitrust authorities have been going down on the firm’s places of work in Germany.
France’s Michelin stated it was included within the EU investigation and that it strictly complies with competitors guidelines.
Nokian Tyres, in the meantime, stated its headquarters in Finland have been raided and that it was cooperating with the EU authority.
Pirelli shares have been down as a lot as 3.8% earlier than being briefly suspended from buying and selling. Michelin fell 2.9% and Continental was down 3.5%.
The EU watchdog stated merchandise associated to the inspections have been new alternative tires for passenger automobiles, vans, vans and buses offered within the European Financial Space comprising EU international locations, Norway, Iceland and Liechtenstein.
It stated the raided firms might have breached EU guidelines in opposition to cartels.
“The Commission is concerned that price coordination took place amongst the inspected companies, including via public communications,” the EU government stated in a press release.
Corporations discovered responsible of breaching EU antitrust guidelines face fines of a lot as 10% of their international turnover.
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