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E.U.: Commission reduces oil co fine for rubber cartel

 |  December 13, 2012

A fine originally imposed on Eni SpA, Italy’s largest oil company, has been cut by the European Commission by 20 percent to $138.8 million. The reasoning for the decrease was kept confidential, however. The Commission had originally fined the company for fixing prices of synthetic rubber, a material used to make various products including diving equipment and shoe soles. According to the Commission, a cartel to fix prices was run from 1992 to 2002. While Eni was delivered the largest fine for being a repeat offender, Bayer AG, a German drug maker, was giving full immunity under the E.U. leniency program for telling the Commission about the cartel. Bayer would have otherwise received about $260 million.

Full Content: Bloomberg

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