NEWS

Continental Reserved $109 Million For EU Cartel Claim

Monday, Oct 31, 2016

German automotive supplier Continental anticipates it may have to pay as much as 100 million euros ($109 million) in fines in a European anti-trust case, a German newspaper reported on Friday.

The Hannoversche Allgemeine Zeitung did not cite the source of its information.

It said Continental and another German company, Robert Bosch , were suspected of fixing prices for electronic brake and steering systems, a case for which EU investigators raided company headquarters in 2014.

Last week, Continental said its annual results would take a 390 million euro hit from warranty cases for unspecified products as well as possible expenses for pending antitrust proceedings.

Continental declined to comment, while Bosch could not immediately be reached for comment outside regular business hours.The Hannoversche Allgemeine Zeitung cited a Bosch spokesman as saying that the company was closely cooperating with the antitrust authorities. ($1 = 0.9177 euros)

 

Source : auto.economictimes.indiatimes.com

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