A PYMNTS Company

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

 |  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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.