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EU: Set to hit truck groups with record fine for price-fixing

By  |  July 17, 2016

Brussels will this week unleash record-breaking cartel fines against Europe’s biggest truckmakers, hitting the group with a multibillion-euro penalty for colluding to fix prices over many years.

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    The settlement decision planned for Wednesday brings to a close a five-year probe into Scania, Iveco, DAF, Volvo, Daimler and MAN with what are shaping up to be the biggest EU antitrust fines in history.

    Although the precise penalty will be formally set on Wednesday, four of the firms have provisioned for fines totalling €2.85bn. As a whistleblower in the case, MAN — owned by Volkswagen group — will escape penalty, according to people familiar with the case.

    Scania, which is also owned by VW, has not made an estimate for fines but said earlier this year that an imposed fine “cannot be ruled out”. Two advisers involved in the case said that Scania may ultimately holdout against the fast-tracked voluntary settlement, which would force the commission to issue a standard prohibition decision at a later stage if it pursues the company. Settlement talks are ongoing.

    The original charges issued by Margrethe Vestager, EU competition commissioner, accused the six manufacturers of colluding over 14 years to fix haulage prices and delay the introduction of key emissions technology, according to a charge sheet seen by the Financial Times.

    Full Content: Financial Times

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