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TRUCK MAKERS CARTELIZATION * Europe
* France - Truckmakers may have conspired to fix prices, EU says
Strasbourg,France -Bloomberg, by Aoife White -Nov 20, 2014: -- Volvo AB and Volkswagen AG’s, MAN SE, are among truckmakers European Union regulators suspect of conspiring to fix prices in the first case opened by new Competition Commissioner: Margrethe Vestager... The EU sent a statement of objections to makers of heavy and medium trucks that accuses them of participating in an illegal cartel, regulators said in a statement today. While the EU didn’t identify the companies that were involved in the case, manufacturers confirmed they were involved... The auto industry is the focus of investigations by competition authorities across the world. The EU is probing “an abundance of cartels” among parts suppliers, an official said last year. Fines can be as much as 10 percent of annual revenue for secret deals with rivals to set prices or rig markets. Manufacturers of ball bearings to car and truckmakers were jointly fined 953 million euros ($1.2 billion) in March... Volvo, based in Gothenburg, Sweden, said it is evaluating the implications of the statement of objections. MAN also said it received the EU complaint. DAF Trucks NV, part of Paccar Inc., and its German arm said they were informed that they will be receiving objections... Scania AB, CNH Industrial NV (CNHI)’s Iveco and Volvo’s Renault Trucks may also be involved in the case, people familiar with the probe said last month... Hyundai Motor Co. and Korean units of Scania, Volvo, Daimler, MAN and Tata Daewoo Commercial Vehicle Co. were fined by South Korean regulators last year for fixing prices of trucks and tractors sold in the country...
Labels: truckmakers news Europe
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